‘Indian goods and services exports set to cross $760 bn in 2022-23’

Despite facing recession, inflation, interest hike; at the end of 2023, Indian goods and services exports may reach to about $70 billion

Indian goods and services exports

Indian goods and services exports are set to cross the $760 billion mark in the current fiscal, states commerce minister Piyush Goyal.

Addressing the industry body Assocham’s annual session, Goyal said that in 2021-22, the country’s goods and services exports touched an all-time high of $422 billion and $254 billion respectively, taking the total shipments to $676 billion.

“There’s obviously much faster growth in services, but growth in both (merchandise and services exports) is good. Probably we will end the year with about $760 billion (in exports), if not more,” Goyal said.

He went on to add that India has emerged as a bright spot at a time when the whole world is facing recession, high inflation and elevated interest rates.

Also Read: Total amount of cess and surcharge grew by 63.74% from 2017-18 to 2022-23

Goyal emphasised that over the last nine years, the focus of the government has been to ensure that the economy’s foundation becomes strong.

The minister also said the free trade agreements with the UAE and Australia have been welcomed by the industry.

The speed of India’s FTAs did not come at the cost of compromising the quality of agreements and it was done after extensive stakeholder consultation, he noted.

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