Union Commerce Minister Piyush Goyal said that India’s overall exports scaled new heights to USD 770 billion in 2022-23, registering 14 per cent growth compared to the previous year’s figures. He said, “It is an all-time high record, growing from USD 500 billion in 2020-21 to USD 676 billion in 2021-22”.
Goyal was addressing the India-Italy Business summit on Thursday.
“And now the country registers a further growth of nearly USD 100 billion to cross USD 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…” he said.
The minister said there were concerns about the export performance in the year gone by. “There were concerns because of the conflict in Ukraine,” Goyal said, adding, “They were concerns that piled up inventories in the developed world may not help us achieve such a stupendous performance.”
The minister then praised Prime Minister Narendra Modi, who in August 2020, had given a clarion call to Indian business persons, to the country’s missions across the world.
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 USD 294 billion in the year 2020-21 grew to USD 422 billion in the year 2021-22,” the commerce minister said, adding “And has further grown to USD 447 billion in the year just gone by. Our services exports, which were USD 206 billion in the year 2021, grew to USD 254 billion in the year 2021-22.”
He said services exports have achieved new heights by crossing USD 323 billion and added that this was truly a sign of India’s expanding its international footprints.
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,” he added.