India Business Journal - India’s total exports set to hit $800 billion despite global turmoil: Goyal

ECONOMY

India’s total exports set to hit $800 billion despite global turmoil: Goyal

IBJ Bureau
Jun 30, 2024

India’s goods and services exports are expected to cross $800 billion during this financial year despite global challenges, Commerce and Industry Minister Piyush Goyal said on Saturday.

In 2023-24, the shipments stood at $778.2 billion (goods $437.1 billion and services $341 billion).

He added that the global situation was serious as war was still going on between Ukraine and Russia and Israel and Hamas, and the Red sea crisis.

The minister said that there were also elections in some of the major democracies like in Europe.

“In such a situation, it’s a positive sign that our exports are growing (9 per cent growth in May) and …this also reflects that the world wants to do trade and investments with India. We are confident that this year, we will have over $800 billion exports, and it will be a historic record,” Mr Goyal told reporters in Mumbai.

Mr Goyal was in Mumbai to participate in a programme of gems and jewellery exporters.

Mr Goyal added that for the $800 billion exports, the ministry was working on specifics with Indian missions abroad and export promotion councils.

He said that last year the current account deficit (CAD) had also reduced. “Our exports will increase, and manufacturing will get a boost. India recorded a CAD surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter. This is the first time in ten quarters that the crucial metric of the country’s external strength has turned into a surplus mode.”