At an event organised by the Bombay Chamber of Commerce and Industry, he also said that Europe and the US are under stress, commodity prices and demand have softened, and discretionary spending is lukewarm.
“Over the last two years, we’ve had record exports. Of course, unfortunately, the world seems to be moving towards a recession,” he said, adding that developed economies of Europe and the US are under stress “very often overstocked”.
Demand slowdown in global markets made India’s merchandise exports shrink the most in three years, at 22% on-year in June to $32.97 billion.
“Discretionary spending is very lukewarm Gems and jewellery, textiles leather goods, products, which are our strength areas are currently under stress,” Goyal said.
He also said that India is not looking at closing its doors and living in a cocoon when it comes to Aatmanirbhar Bharat and that India is not looking to isolate but keen is to integrate with world economy.“We are in fact, opening our doors wider. We want to have greater international trade. We want to be a part of international global supply chains, value chains,” he said, adding that there is a focus on free trade agreements or comprehensive economic partnerships.
