India's services exports may cross $300 billion this fiscal: Commerce Mini

Gandhinagar: Commerce and Industry Minister Piyush Goyal believes exports from India’s services sector will reach $300 billion this fiscal year. The Minister of Commerce pointed out that this performance of India’s service sector is significant even when there is a global economic upheaval. Mr Goyal has also claimed that this was an extremely good performance and said that an increase in merchandise exports is also expected in this financial year 2022-23.

India’s services sector would cross the threshold of around $300 billion in this financial year considering the performance so far of the services sector in the financial year 2022-23, Commerce Minister Piyush Goyal explained. The Commerce Minister expressed this confidence while talking to the press at an event organized in Gandhinagar, Gujarat. Initiatives such as Make in India and Digital India, a program of constructive reforms undertaken by the Central Government, have begun to show results. It is leading to the growth of the services sector, and if the current trend continues, exports from the country’s services sector will reach $332.76 billion by the end of this fiscal, Goyal said.

At the same time, Goyal highlighted that India’s imports have increased by 24.96 per cent and reached 551.7 billion dollars. The deficit in exports and imports in the first nine months of this financial year increased by 218.94 billion dollars. In the last financial year, the deficit was 136.45 billion dollars. However, last year the country’s merchandise exports reached a record level of $422 billion, Piyush Goyal reminded.

While the country’s exports and imports are simultaneously increasing, the government has not succeeded in reducing the gap between them, according to the data given by the commerce minister. ‘India’s exports fell by 12.2 per cent in December. Global upheavals are said to be responsible for this situation. Due to this, the deficit between exports and imports has increased by 23.76 per cent,’ said the commerce minister. Thus, fluctuations were seen in terms of exports in different months. But on the whole, exports from India are performing extremely well even in times of uncertainty at the international level,’ the commerce minister has claimed.

Piyush Goyal explained that there is a need to increase exports even more in the coming times, and the central government is putting in efforts for this. Goyal claimed that even if there is a slight improvement in the economies of the US, European countries and China, India will get its benefit, and the performance of the Indian economy will improve. With it, the commerce minister underscored that the performance of the Indian economy depends on the global situation and the economies of other countries. In the recently held World Economic Forum (WEF) meeting, the global economy was claimed to be at risk of recession. However, the WEF report claimed that the Indian economy would not be much affected by it. Nevertheless, Indian economists have drawn attention to the fact that India’s exports will depend on the economic conditions of other countries and that India will also have to bear the consequences of upheavals in the world economy to some extent.

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