India’s exports maytouch record USD800 bn this year: Goyal

 

 

exports are growing significantly and would achieve a record USD 800 billion in 2024- 25 fiscal year, Commerce and Industry Minister Piyush Goyal said on Friday. “Exports have been growing andhave risensignificantlyin the last four years. This year also, there will be growth.We will end the year with over USD 800 billion exports for theveryfirst time inIndia’shistory,”Goyalsaidduring Question Hour in the Rajya Sabha. HetoldCongressleaderRajeev Shukla thatitis“notentirelyaccurate” that India’s exports are declining. Goyal told him not to worry about falling forexreserves as they have consistently been above USD 600 billion for manymonths. The Minister, however, informed the Upper House thatcertain imports -- petroleumproducts,cokingcoal,pulsesandedibles oils -- are “unavoidable”due to domestic shortages andhigh demand. The growth in imports, whichis a good sign for the economy, is due to a rise in domestic consumption. “Itwill takesomeyearstocomeand establish and set up production units. During that period, obviously, imports will goup,” he said. When imports rise in a particular sector, industries areattracted to that sector.That will lead to growing jobs and greaterinvestment, he explained.