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Delhi Election Result 2025 in association with

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Published 11:45 IST, July 1st 2024

Economy set for robust growth with $800 billion export target

Goyal projected that India’s goods and services exports would exceed $800 billion this fiscal year, up from $778 billion in 2023-24 and $776 billion in 2022-23.

Reported by: Business Desk
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Piyush Goyal
Piyush Goyal | Image: Republic Business

Exports target: Union Commerce and Industry Minister Piyush Goyal expressed confidence in the Indian economy's trajectory towards healthy and organised growth, driven by a significant boost in exports and a reduction in the current account deficit (CAD). Participating in a gems and jewellery industry program, Goyal highlighted the "wonderful" mood among industry players and exporters, and the strong confidence of investors in India's growth story.

Goyal projected that India’s goods and services exports would exceed $800 billion this fiscal year, up from $778 billion in 2023-24 and $776 billion in 2022-23. He emphasised the importance of expanding manufacturing capacities to reduce import dependencies, which has contributed to the recent improvements in the CAD.

The Minister also acknowledged S&P Global Ratings' forecast of a 6.8 per cent GDP growth for the current financial year, despite high interest rates and reduced fiscal support tempering demand. Other agencies like Fitch, ADB, Moody's, Deloitte India, and Morgan Stanley estimate India's GDP growth to range between 6.6 per cent and 7.2 per cent for the coming fiscal years.

Goyal mentioned that the Ministry is considering several suggestions for amending the Special Economic Zones (SEZs) legislation. Additionally, India recorded a current account surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter, a significant turnaround from the deficits of previous quarters.

Merchandise exports saw a 9.1 per cent rise to $38.13 billion in May, despite the trade deficit hitting a seven-month high of $23.78 billion, according to the latest government data. This positive trend in exports and manufacturing is expected to propel the Indian economy to new heights, providing opportunities for millions across the country.

Updated 11:45 IST, July 1st 2024