India Will Certainly Close 2023 With Over $750 Bn Exports: Goyal

We will certainly close this year with well in excess of USD 750 billion of exports, another all-time historical record, said Union Commerce Minister Piyush Goyal on Sunday in Mumbai. 

While speaking at an event, he said that as we are in our 75th year of independence, it is most appropriate that we must cross 750 billion dollars of exports this year. 

He added," Figures until February 2023 are already in excess of what we did in the whole of last year, and we will certainly close this year with well in excess of 750 billion dollars of exports, another all-time historical record.”

The minister made a pitch for ECGC to become more modern and digital in its operations, leading to greater efficiencies, greater trust among exporters and improved performance. 

“We have to leave our children in India which is completely corruption-free. We have to be unsparing against anyone who indulges in any irregular activities. If we want to make India a superpower, we have to decide that we want the New India to be with a high degree of integrity, a collective endeavour of the government, industry, bodies like ECGC, EXIM Bank and other stakeholders," he said.

Goyal complimented ECGC for innovative measures like the introduction of a policy where exporters with an export credit limit of Rs 20 crore are covered up to 90 per cent of their losses, which he said used to be 60 per cent earlier. 

“All pending claims are now put out online transparently. As we inaugurate this truly world-class building, I would request the CMD ECGC to move the Rs 20 crore export limit to Rs 40 crore, so that sectors other than gem and jewellery and commodities sectors are covered under this expanded credit risk cover regime of 90 per cent for any potential risk or loss. In return, we want the industry to assure full honesty and integrity in claims and in the way we work with ECGC," he added. 

Goyal stated that gradually, we want all of you to enjoy the fruits of working with ECGC. We want more exports to enjoy these benefits, we cover around 22 to 25 per cent of merchandise exports and we should aim to go up to around 50 per cent so that almost all MSMEs can benefit from these schemes and enjoy lower interest rates.”

The minister urged ECGC to see what more we can do to promote exports, come up with new ideas and become an important stakeholder in India’s journey to take our exports to USD 2 trillion exports by 2030 – USD one trillion of exports in services and in goods each. 

He added, “Then, we can set other goals in line with the goals of a developed India, an India which will truly become a Vishwa Guru. As India prospers, the world will also prosper along with it."