Exports India to attain target of US$650bn

India eye on merchandise exports target of US$400 bn & the Services sector for US$250 bn exports!

The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said it is possible to achieve exports of USD 650 billion within the current financial year. Chairing a Review Meeting of all major Export Promotion Councils (EPCs), Goyal said the $400 bn target of Merchandise exports is within sight and the Services sector should strive for $250 bn exports.

Expressing his satisfaction that India achieved $300 bn merchandise exports in the first nine months of the current FY (April-Dec, 2022), Goyal assured the EPCs that his Ministry will do whatever it takes in handholding the EPCs and resolving their issues to attain even higher export targets in the next FY.

Goyal said we can set a much higher goods exports target in the current last quarter of this FY. “In December alone we touched $37 bn goods exports despite the Omicron fear factor weighing high. This month, in 15 days till January 15th, we have reached $16 bn.” 

Goyal said the Prime Minister Shri Narendra Modi has himself set the pace by setting “transformational results” and not “incremental growth”. 

The Commerce & Industry Minister urged the EPCs and entrepreneurs to avail of the Government’s initiatives towards Ease of Doing Business such as obtaining clearances through the National Single Window System. 

He assured the Industry representatives to pursue their demands during the various FTA negotiations.  

Speaking of the government’s efforts to improve the ease of living and the ease of doing business, Goyal said that more than 25,000 compliances have been reduced. The Minister assured that the government is willing to listen to new ideas, engage with industry at every level and work as an enabler, facilitator and partner.