Ajit Karn
On India’s record USD 770 billion exports in 2022-23, Union Commerce Minister Piyush Goyal stated on Thursday that “enthusiasm is high” and that all exporters have pledged to move forward cooperatively.
“On August 6, 2021, Prime Minister Modi delivered an enlightening address and interacted with 180 Ambassadors and Missions of India from around the globe, Export Promotion Councils, and others. On the record exports, Goyal told media that Modi “sent a message that India is on the right path and that we must work together to bring India to new heights.”
“All exporters have assured me that we will continue to make progress,” he added.
Goyal stated earlier in the day at the India-Italy Business Summit that India’s exports record a new high of USD 770 billion in 2022-23, representing a 14 percent increase over the previous year’s figures.
“It will increase from USD 500 billion in 2020-21 to USD 676 billion in 2021-22, a record high. And now the country’s GDP surpasses USD 770 billion, an increase of nearly USD 100 billion in such challenging times as international trade is softening, international trade is stalling, and the developed world is experiencing a recession,” he said.
The minister expressed concern regarding the previous year’s export performance. “There were concerns because of the conflict in Ukraine,” Goyal said, adding, “There were concerns that the accumulated inventories in the developed world might prevent us from achieving such a phenomenal performance.
“The minister then lauded Prime Minister Narendra Modi, who in August 2020 issued a clarion appeal to Indian businesspeople and the nation’s diplomatic missions abroad.
According to him, the One District One Product initiative of Prime Minister Narendra Modi assisted the government in identifying specific jewels in each Indian district, and the district’s development as an export center radically altered India’s export performance.
“It is indeed gratifying that we have expanded in both products and services. Our exports of commodities, which totaled USD 294 billion in 2020-21, increased to USD 422 billion in 2021-22 and USD 447 billion in the preceding year, according to the minister of commerce. Our services exports increased from 206 billion US dollars in 2021 to 254 billion US dollars in 2021-22.
“He stated that services exports have reached new heights by surpassing USD 323 billion, adding that this is a clear indication of India’s expanding global footprint.
The minister stated, “India looks forward to expanding its relationships with nations around the globe.”
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“And, with developing countries contributing to the progress and prosperity of the world, we must ensure inclusive and sustainable growth for every Indian,” he added.
