Union Minister of Commerce and Industry Piyush Goyal said that in FY23, despite adverse conditions, India had exported a record $770 billion worth of goods and services. , Photo Credit: PTI
The central government has held off on setting any export target for FY24 in view of the volatility and weakness in the global economy, which has been wracked by its impact. russian war And high inflation affects discretionary spending.
Amid the uncertainties, the government has decided to evaluate the situation on the ground and adopt a pragmatic approach.
Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles on Sunday refused to set any export target for the current year.
“It would not be appropriate to give FY24 export targets now and we do not want to give any wild numbers. Due to the ongoing war, the economy of many countries has weakened and there has been a decrease in discretionary spending.
“Over the next five months, we will take delegations from different export sectors to several countries to understand the situation on the ground and then set our export target. We will organize buyer-seller meets and organize exhibitions to promote our exports.
In FY23, despite headwinds, India exported a record $770 billion worth of goods and services. The minister said exports in the last two years were $676 billion and $500 billion respectively.
He said that in preparation for the “Amrit Kaal” in 2047, the government had set an export target of $2 trillion by the year 2030 and he encouraged the exporting community to help achieve this target.
Shri Goyal was speaking at an export award function organized by the Gems and Jewelery Export Promotion Council (GJEPC) in Mumbai.
free trade agreement
He said that the two free trade agreements with UAE and Australia have helped the exporting community a lot and the upcoming agreements will also increase the volume of exports from India.
“We will negotiate with the UK, Canada, Israel and the European Union for a free trade agreement and it will help all of you,” the minister said. ,
GJEPC Chairman Vipul Shah said that all FTAs including the one under negotiation will help exporters to touch the $1 trillion mark in exports.
For FY 2022-23, total gems and jewelery exports grew by 2.48% to ₹3,00,462.52 crore as compared to ₹2,93,193.19 crore in the same period last year.