India’s overall exports up by 14% to $770 billion in 2022-23: Piyush Goyal

iNDICA NEWS BUREAU-

Union Commerce Minister Piyush Goyal said on Thursday that India’s overall exports reached an all-time high of $770 billion in 2022-23, registering 14% growth compared to the previous year’s figures.

He said, “It is an all-time record, growing from $500 billion in 2020-21 to $676 billion in 2021-22. And now the country registers a further growth of nearly $100 billion to cross $770 billion in such challenging times, when the world is seeing softening of international trade, slowing of international trade, and when there are recessionary conditions in the developed world.”

Goyal was addressing the India-Italy Business summit on Thursday.

The minister said there were concerns about the export performance in the year gone by. “There were concerns that because of the conflict in Ukraine there would be piled up inventories in the developed world, and it may not help us achieve such a performance.”

He said the One District One Product initiative of Prime Minister Narendra Modi helped the government to identify specific jewels in each district in India and the district, while being developed as an export hub, truly transformed the landscape of India’s export performance.

“It is indeed a matter of satisfaction that we have grown both in goods and services. Our goods export, which was $294 billion in the year 2020-21 grew to $422 billion in the year 2021-22,” the commerce minister said, adding “And has further grown to $447 billion in the year just gone by. Our services exports, which were $206 billion in the year 2021, grew to $254 billion in the year 2021-22.”

He said services exports this year have achieved new heights by crossing $323 billion and added that this was truly a sign of India expanding its international footprint.

The minister said, “India is looking forward to engaging even more deeply with countries around the world. And, with the developing countries contributing to the world’s progress and prosperity as we grow jobs in India, grow economic opportunities in India, ensure inclusive and sustainable growth for every Indian in the country.”

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