He said that the exports of goods and services together scaled “new heights” and has increased by 14 per cent to USD 770 billion in 2022-23 as against 676 billion in 2021-22.
“I am delighted to share with you the outstanding export performance for 2022-23, with India’s overall exports scaling new heights at USD 770 billion, registering 14 per cent growth over the previous year and all-time high record growing from USD 500 billion in 2020-21 to USD 676 billion in 2021-22,” the minister told reporters in Rome.
India’s services exports too have increased by 27.16 per cent to USD 323 billion in 2022-23 as compared to USD 254 billion in 2021-22.
“This is truly a sign of India’s expanding our international footprints,” he added.
India recently came out with a “dynamic and responsive” foreign trade policy aiming to push rupee trade, increase outward shipments to USD 2 trillion by 2030, and promote e-commerce exports, amid global uncertainties.
The approach of the Foreign Trade Policy (FTP) 2023 is to move from ‘incentive to remission’ based regime, encourage collaboration between exporters, states, districts and Indian Missions, reduce transaction cost, and develop more export hubs.Unlike the practice of 5-year FTPs, this time the government has come out with a “dynamic and responsive” trade policy without any end date, and will be updated as per the emerging global scenario, according to the policy.
After releasing the FTP 2023, Commerce and Industry Minister Piyush Goyal said that goods exports have witnessed good growth considering the current global scenario while services exports may see a quantum jump in the current fiscal.
“We have to meet our exports targets going forward,” the minister said, adding that “we will need to work a bit harder” on goods exports.
“It shouldn’t be that by 2030, services exports cross USD 1 trillion while you (merchandise exports) lag behind. I am confident that we will cross USD 2 trillion by 2030,” Goyal said.
Further, he said the FTP is dynamic and has been kept open-ended to accommodate the emerging needs of the time.
