While speaking at the ASSOCHAM Annual Session 2023 yesterday, Minister of Commerce and Industry Piyush Goyal, said that India’s exports (merchandise as well as services) have witnessed a healthy growth since 2020 to reach an all time high of USD 750 billion. Indian exports have risen from a low of USD 500 billion in 2020-2021 – and witnessing such growth in extremely challenging geo-political scenario. In 2021-22, the country’s goods and services exports touched an all-time high of USD 422 billion and USD 254 billion respectively, taking the total shipments to USD 676 billion.
It is worth noting that India’s phenomenal performance in the export sector has been witnessed even as 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.
Goyal talked about the two key free trade agreements signed last year with UAE and Australia. He said India’s trade agreements with Australia and UAE have been welcomed by industry across the three countries and the speed, quality, and extensive stakeholder consultations resulting in finding the right equitable balance have been appreciated by all sections.
The FTAs with various countries enables Indian exports to gain preferential access to foreign markets. This being reason, the Government of India is negotiating a series of FTAs under different stages of discussion, to further expand the trade and open up game-changing opportunities for the economy.