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HomeBusinessIndia’s Overall Exports to Cross US$ 750 Billion in 75th Year of Independence: Piyush Goyal

India’s Overall Exports to Cross US$ 750 Billion in 75th Year of Independence: Piyush Goyal

29 March 2023: Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal has announced that India’s overall exports in services and merchandise exports, have crossed US$ 750 Billion. This is an all time high and this achievement of 750 billion comes in 75th year of independence as we celebrate the Azadi Ka Amrit Mahotsav.

In his address, Goyal highlighted how the exports have risen from US$ 500 Billion in 2020-2021 to this figure in extremely challenging times.

In his keynote address at ASSOCHAM Annual Session 2023: Strengthening India’s Competitiveness in New Delhi, the Minister stated that there has been healthy growth in both merchandise and service sectors. He said that given the fact that the whole world is in recession, inflation is at an all time high for most developed countries, interest rates are shooting up and there’s a sense of doom and gloom in the rest of the world.

The Minister recalled that Prime Minister Narendra Modi had said from the ramparts of the Red Fort on Independence Day that we should get rid of the colonial mindset and recognise our roots and our strengths. He noted that the 5 Prans articulated by the PM will lead to a developed Bharat@100 in 2047 when we celebrate the centenary of our Independence and said that we all need to work with a sense of duty in the spirit of these 5 Prans.

The Minister stressed upon the fact that the effort of Government to make India self-reliant is about not closing doors but further opening them wider with the objective of letting competitive and comparative advantages determine international trade. He expressed hope that each country finds its niche in global trade and the entire world progresses in a sustainable manner. The Minister opined that policymakers need to look at the entire value chain to find out the industries or sectors in which India is most cost competitive, has an edge over others, has niche and some differentiating factor and push for the growth of such industries or sectors.

He noted the various initiatives undertaken by the Government for the development of infrastructure like National Infrastructure Pipeline, PM Gati Shakti, Unified Logistics Interface Platform, etc. built upon technology as the backbone of such initiatives. He further appreciated how UPI has democratized the financial payment infrastructure and Open Network for Digital Commerce will promote e-commerce.

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