India to achieve historic highs in exports: Goyal

Union Minister Piyush Goyal said that the world regards India as a trusted global partner in maintaining global supply chains. He added that despite the lockdown, the country did not default on any service support to the global community. He also stated that  India’s economy was witnessing a bounce back in every sphere, and the country is well on track to achieve historical highs in goods and services exports. In terms of merchandise exports, India is on course to achieve US$ 400 billion of merchandise exports in the current financial year ending March.

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“Also, on the services (exports) side, we are well on track to go up to a USD 150 billion. So, collectively we are on track for historic goods and services exports,” the minister stated. “India will provide vaccine security and make the world a safer place. India will ensure that every part of the world gets equitable vaccine to get safe,” he said while inaugurating the India International Trade Fair (IITF). The Commerce and Industry Minister said the country witnessed the “highest ever” FDI inflow of US$ 27 billion in the first four months this fiscal, a 62% jump over the same period last year.

Goyal also opined that India can become the world’s hub of industry and services. It has the caliber to soar to new heights on quality, competitiveness and economies of scale. He believes that IITF will help realise the goal of ‘Local goes Global’ and ‘Make in India for the World’, he said. He  enumerated five major sutras of Bharat i.e. economy, exports, infrastructure, demand and diversity. Economic resurgence will be fueled by better infrastructure, demand for good development and diversity in growth.