Government is Developing Strategy to Boost Exports: Goyal

06 Jan 2025 CW Team

The government is working on an export strategy aimed at accelerating the country's goods and services shipments, according to Commerce and Industry Minister Piyush Goyal. He mentioned that the ministry is adopting a highly targeted approach to increase exports to $2 trillion by 2030, addressing exporters' concerns and identifying areas where India has competitive advantages and strengths. He noted that exports of both goods and services are performing well despite global challenges and that efforts are being made to fast-track their growth.

Exports are expected to exceed $800 billion in 2024-25, up from $778 billion in the previous fiscal year.

When asked about his expectations for the upcoming Budget in relation to exports, the minister pointed out that Prime Minister Narendra Modi has always been highly supportive of the exporting community. Addressing exporters' concerns regarding declining export credit and high interest rates, Goyal explained that the ministry is taking a comprehensive approach and is in active discussions with stakeholders. He assured that efforts are on-going to collaborate with the banking system and the Export Credit Guarantee Corporation (ECGC) to find solutions to these issues.

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