India's Record-Breaking Export Boom Amid Global Challenges

India's exports are projected to surpass USD 800 billion this fiscal year despite global adversities, according to Commerce Minister Piyush Goyal. Boosting both goods and services, India's strategic focus includes electric vehicles and addressing the diamond trade crisis amid tense geopolitical landscapes.

India's exports are projected to exceed USD 800 billion this fiscal year despite ongoing global challenges, Commerce and Industry Minister Piyush Goyal announced on Saturday.

In 2023-24, exports stood at USD 778.2 billion—USD 437.1 billion in goods and USD 341 billion in services.

Goyal noted that the global situation remains dire with ongoing conflicts in Ukraine, Russia, Israel, and Hamas, as well as the Red Sea crisis, alongside crucial elections in major democracies like Europe.

'In such a situation, it's a positive sign that our exports are growing at 9 percent in May,' Goyal told reporters. 'This reflects that the world wants to trade and invest with India. We are confident that this year we will exceed USD 800 billion in exports, marking a historic record.'

The minister emphasized efforts with Indian missions abroad and export promotion councils to achieve the USD 800 billion target. He outlined initiatives such as reducing the current account deficit (CAD) and boosting manufacturing.

India recorded a current account surplus of USD 5.7 billion or 0.6 percent of GDP in the March quarter, marking a significant turnaround after ten quarters of deficit.

Merchandise exports rose by 9.1 percent in May to USD 38.13 billion, despite the trade deficit reaching a seven-month high of USD 23.78 billion.

Focusing on electric vehicles aims to reduce oil imports, and meetings with various plantation boards aim to boost value-added goods exports.

Goyal also discussed prioritizing the issue of the EU and G7 nations' ban on Russian-origin unpolished diamonds, which affects India's diamond polishing industry.

'Our ministry and the gems and jewellery export promotion council are continuously in touch with the European Union and G7 nations,' Goyal stated, emphasizing India's ongoing negotiations to mitigate impact on its industry.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)