India’s Overall Exports Crossed $750 Bn, Says Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal on Tuesday said India’s overall exports, which includes services and merchandise exports, have crossed USD 750 billion. 

In his address at an event, Goyal said exports have risen from USD 500 billion in 2020-2021 to this figure in extremely challenging times. He said that this is an all-time high and this “achievement comes in the 75th year of independence as we celebrate the Azadi Ka Amrit Mahotsav”.

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, India’s performance fills us with pride.

Meanwhile in February, India’s exports fell by 8.82 per cent YoY and imports declined by 8.21 per cent. This is the biggest decline in more than two years. In the past few months, experts have expressed concerns around slowing exports owing to recessionary worries and weak global demand.

Goyal said that this is India's moment in the Sun and lauded the vision of the Prime Minister who had said that this is the time, this is the right time. He further said that the G20 presidency has given a unique opportunity to position India globally and this must be leveraged by the industry and businesspersons to showcase India’s business across the world.