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Notwithstanding financial crises throughout the world, India’s exports of products and services are anticipated to reach a record high of $760 billion in the current fiscal year, according to Commerce Minister Piyush Goyal on Tuesday.
In his speech to the Assocham annual session in 2024, Goyal said, “Given the fact that the entire world is in recession, inflation is at an all-time high for most developed countries, interest rates are shooting up, and there is a sense of doom and gloom in the rest of the world, India’s performance has filled us with pride.”
SOURCE- ECONOMIC TIMES
Goyal also referred to earlier data, which showed that in 2021–2022, the nation’s exports of products and services reached record highs of $422 billion and $254 billion, respectively, bringing the total shipments to $676 billion.
“Services certainly expand more quickly than goods, but both types of export growth are positive. Most likely, we’ll end the year with at least $760 billion in exports, “added Goyal.
He continued by saying that, in a time when the entire globe is experiencing a recession, high inflation, and elevated interest rates, India has emerged as a bright point. India’s performance over the years have come to life and that’s a big thing for this economic point of view.
GOOD WORK OF THE INDIA GOVERNMENT
The revenues of large social networks, now measured in billions of dollars and growing rapidly from year to year, are generated mainly through online advertising.
When managing advertising campaigns, it is especially important to decide which ad groups and ads should be active and for which more advertising dollars should be allocated.
The measures being implemented, such as significant investments in infrastructure and logistics, technological development, or the PM GatiShakti, are intended to make India more cost competitive.
“The doubters have been shown to be incorrect. I’m pleased to report that India’s exports have surpassed $750 billion today (as of Tuesday). Exports of both commodities and services have increased, according to Goyal.
SOURCE- THE PRINT
FREE TRADE AGREEMENTS
A free-trade agreement or treaty is an agreement according to international law to form a free-trade area between the cooperating states. There are two types of trade agreements: bilateral and multilateral.
Both of these FTAs have included India, and it continues to seek out similar accords with other nations throughout the globe. However, the minister reassured that the speed of India’s FTAs did not come at the cost of compromising the quality of agreements and it was done after extensive stakeholder consultation.
The minister also said that the industry had welcomed free trade agreements with Australia and the United Arab Emirates (UAE). Many countries throughout the world want to interact with India and strengthen connections, even though it is now negotiating trade accords with wealthy nations like Canada, the UK, and the European Union.
Currently, India has multilateral FTAs with SAFTA, ASEAN, SAARC, and bilateral FTAs with Sri Lanka, Nepal, Japan, Malaysia, among others.
EXPORT NUMBERS
According to estimates from the Department of Commerce, during the months of April through February, merchandise exports increased by 7.5% to reach $405.94 billion, while services exports experienced a more significant growth rate of 30.4% to reach $296.94 billion.
SOURCE- TOI
Goyal further argued that the government’s goal of making India self-sufficient does not involve closing doors but rather opening them wider in order to let comparative and competitive advantages dominate international trade.
The need of the hour is quick and aggressive outreach to the international markets with an emphasis on investment, trade, technology, and tourism, taking advantage of the G20 Presidency and the advantage India currently possesses.
