San Francisco: Growth of exports from India should not depend on weak Rupee And the country’s goods and services “should stand on their own feet by virtue of their quality”. The government is soon going to set up a trade promotion body (TPB) on the lines of Invest India, which aims to export $1 trillion in goods and another trillion dollars for services by 2030.
“I firmly believe that a strong Indian Rupee will help the Indian economy. Our currency has shown greater resilience than many other global currencies during the recent adverse conditions. CAGR (Compound Annual Growth Rate) Rupee depreciation in the past 3 .25-3.5%, which has now come down to 2.5%. Our exports should not depend on weak exchange rate,” Commerce Minister Piyush Goyal said at the Indo-Pacific Economic Framework (IPEF) ministerial meeting. Later told TOI here.
The slowdown of economies in the West – also clearly visible through “leasing” signs at empty stores in major downtown areas, empty rows of shelves at hypermarkets and the disappearing weekend rush of shoppers – has fueled demand for exports from the developing world. seriously affected. The rapid post-Covid slowdown in energy prices comes on top of broken supply chains and presents a dual challenge: for the developed world to revive its fortunes and for the developing world to revive its exports. For.
India is pursuing free trade agreements with several countries, besides being persuaded to sign with them by others such as Switzerland, and feels that these FTAs will boost exports and create jobs.
“These agreements can help increase trade with partner countries. We aim to become a $2 trillion export market by 2030. International trade being a major part of GDP is a defining feature of all developed economies,” Goyal said. The FTA with the UK, which was earlier expected to be finalized by Diwali, mourns the passing of Queen Elizabeth. There may be a slight delay in the duration due to being in the country.
India is seeing a significant increase in trade with its largest partner, the US. “There is huge potential to increase trade with the US in every sector, be it IT, auto parts, cars and electric vehicles. The sky is the limit because of our ability to provide cost-effective goods and services,” Goyal said.
“I firmly believe that a strong Indian Rupee will help the Indian economy. Our currency has shown greater resilience than many other global currencies during the recent adverse conditions. CAGR (Compound Annual Growth Rate) Rupee depreciation in the past 3 .25-3.5%, which has now come down to 2.5%. Our exports should not depend on weak exchange rate,” Commerce Minister Piyush Goyal said at the Indo-Pacific Economic Framework (IPEF) ministerial meeting. Later told TOI here.
The slowdown of economies in the West – also clearly visible through “leasing” signs at empty stores in major downtown areas, empty rows of shelves at hypermarkets and the disappearing weekend rush of shoppers – has fueled demand for exports from the developing world. seriously affected. The rapid post-Covid slowdown in energy prices comes on top of broken supply chains and presents a dual challenge: for the developed world to revive its fortunes and for the developing world to revive its exports. For.
India is pursuing free trade agreements with several countries, besides being persuaded to sign with them by others such as Switzerland, and feels that these FTAs will boost exports and create jobs.
“These agreements can help increase trade with partner countries. We aim to become a $2 trillion export market by 2030. International trade being a major part of GDP is a defining feature of all developed economies,” Goyal said. The FTA with the UK, which was earlier expected to be finalized by Diwali, mourns the passing of Queen Elizabeth. There may be a slight delay in the duration due to being in the country.
India is seeing a significant increase in trade with its largest partner, the US. “There is huge potential to increase trade with the US in every sector, be it IT, auto parts, cars and electric vehicles. The sky is the limit because of our ability to provide cost-effective goods and services,” Goyal said.