Union Minister Piyush Goyal has said that India’s overall export figure for last year had already crossed in the month of February and expressed confidence that merchandise and services exports would touch USD 750 billion in 2022-23 (April-March).
Minister of Commerce and Industry Goyal said this while addressing the 8th edition of the Raisina Dialogue in New Delhi on Saturday. During April-January 2022-23, overall export grew 17.33 per cent to USD 641.24.
Responding to a question on India achieving the highest export figure in the past year, the Minister said that it was the result of a deep-dive analysis and extensive planning where India’s capabilities were thoroughly assessed, new markets were sought out, districts, especially remote ones were empowered to become export hubs and all Indian Missions abroad were effectively leveraged to promote trade, technology and tourism.
The Minister noted that last year, the merchandise and service trade had crossed USD 650 billion.
Goyal noted that the transformational initiatives undertaken by the government over the last decade, such as the Swachh Bharat Mission, electrification of around 35 million homes in rural India, creation of a robust power grid, housing for all, free healthcare for over 500 million people had held India in good stead to overcome the challenges posed by the pandemic.
On semi-conductor production in India, the Minister said many companies were already in dialogue for investing in India because of India’s stability and investor-friendly business ecosystem.
Lastly, he reiterated that India would soon touch the mark of being a USD 5 trillion economy and said that it would emerge as the third-largest economy in the world by 2027-28. Currently, India is the fifth largest economy.
By 2047, India will be a developed economy with a USD 32 trillion economy, he said, where every last citizen would have access to a good quality life.