Goyal is on a three-day visit to France and Italy from April 11-13 to hold a series of meetings with leaders and top CEOs of these two countries to further boost trade and investment ties. (Image: Reuters file)
The country’s imports are also set to increase by 16.5 per cent to US$ 714 billion in 2022-23, as against US$ 613 billion in 2021-22.
Minister of Petroleum, Pharma and Chemicals and Marine, Commerce and Industry Piyush Goyal said the country’s exports are set to grow by nearly 6 per cent to a “record” USD 447 billion during 2022-23. Thursday.
The country’s imports are also set to increase by 16.5 per cent to US$ 714 billion in 2022-23, as against US$ 613 billion in 2021-22.
He said exports of goods and services simultaneously reached “new heights” and grew by 14 per cent to USD 770 billion in 2022-23, as against USD 676 billion in 2021-22.
“I am happy to share with you the excellent export performance for 2022-23, with India’s total exports touching new heights of USD 770 billion, registering a growth of 14 per cent over the previous year and Rising to an all-time high record of USD 500 billion. USD 676 billion from 2020-21 to 2021-22,” the minister told reporters in Rome.
Goyal is on a three-day visit to France and Italy from April 11-13 to hold a series of meetings with leaders and top CEOs of these two countries to further boost trade and investment ties.
India’s services exports are also set to grow by 27.16 per cent to US$ 323 billion in 2022-23 as compared to US$ 254 billion in 2021-22.
He said, “It is indeed a sign of India expanding our international footprints.”
The total import of goods and services has reached US$ 892 billion and this shows that the economic activities of the country are increasing and this has supported the exports.
Talking to reporters here, Goyal said that the increase in exports would help in controlling the current account deficit.
In the services sector, there has been healthy growth in sectors including IT, accounting and business processing.
In the goods segment, the sectors that registered growth included oil-meals, electronic goods, tobacco, oilseeds, rice, coffee, fruits and vegetables, leather goods, ceramics, pharma, marine products, chemicals and ready-made garments.
Services imports are estimated to be US$ 178 billion in 2022-23, as against US$ 147 billion a year ago.
Goyal said that the export of goods and services has increased by about USD 100 billion to cross USD 770 billion in such challenging times when the world is witnessing a slowdown and slowdown in international trade, recessionary conditions in the developed world and unprecedented high inflation Is. many developed countries.
There were concerns due to conflict in Russia, Ukraine; He said there were also concerns that the abundance of goods in the developed world might not help us achieve such a “spectacular” performance.
“It is indeed a matter of satisfaction that we have increased both goods and services,” he said. We increase jobs in India, economic opportunities in India as the world progresses and prospers.” He added, “When we look at the overall economic scenario, where GST collections are high, where exports are at a record high, where inflation is down. has come… Strong foreign exchange reserves exceed US$ 600 billion… clearly reflects the mood of the country.” .
read all latest business news, tax news And stock market update Here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
