India will grow merchandise exports by 17% and services exports by around 11% this year: Piyush Goyal
New Delhi, 3 July
Union Commerce and Industry Minister Piyush Goyal on Friday chaired a productive Board of Trade meeting with States and Union Territories, industry leaders, trade bodies, and senior officials, holding extensive discussions on strengthening India's export momentum and manufacturing ecosystem.
Addressing the gathering, Goyal expressed strong optimism about India's export prospects, projecting merchandise exports to grow by 17 per cent and services exports by around 11 per cent this year. He said the government remains committed to crossing the one-trillion-dollar export mark this year, noting that data through June already shows exports growing at roughly 15 per cent in the first quarter. He credited this momentum partly to Free Trade Agreements (FTAs) which India has signed with various nations, that has opened access to markets across 38 developed countries. He described these partnerships as complementary rather than competitive, pointing to recent discussions with Japan's Prime Minister as well as talks with Greece and the UK.
The minister elaborated on the need to strengthen export competitiveness by improving logistics and supply chains, reducing trade costs, unlocking district-level potential, and further enhancing ease of doing business while fostering stronger collaboration between the Centre and States to create greater opportunities for enterprises and MSMEs. He said that with the government's reforms creating new opportunities and FTAs opening new markets, industry and government must work together to expand the global footprint of Indian businesses and accelerate India's journey toward becoming a leading global trade and manufacturing hub.
Goyal also laid out a broader support agenda for exporters, particularly small and medium enterprises:
Regulatory support: Government assistance for securing international approvals including pharma, agricultural and DBT clearances with financial backing available for compliance with regulations in developed markets like the EU.
State alignment: A call for state governments to harmonize their industrial policies and incentives with central schemes to build economies of scale.
Anti-dumping protections: The Directorate General of Trade Remedies (DGTR) was highlighted as a resource for domestic industries facing injury from predatory pricing or dumping by foreign competitors, offering tools such as anti-dumping duties and safeguard measures.
Import substitution: A push to identify products currently imported that could be competitively manufactured in India, aimed at strengthening supply chain security and reducing foreign exchange outflows.
Global outreach: An appeal to states to mobilize local business associations citing a target of engaging around 1,600 associations nationwide to participate in international trade delegations and exhibitions, with government support available for MSMEs unable to afford overseas travel.
Goyal closed on an aspirational note, framing collective efforts between industry and state leadership as central to realizing "Viksit Bharat 2047," India's vision for a developed nation by its 100th year of independence, calling it a shared responsibility of the country's 1.4 billion citizens.
— ANI
Reader Comments
Viksit Bharat 2047 sounds great but we need to see if these growth figures trickle down to farmers and small manufacturers. My uncle runs a small textile unit in Tirupur and he's still struggling with raw material costs. The anti-dumping protections mentioned are welcome but implementation matters more than announcements. Let's wait for quarterly data before celebrating too much. 🇮🇳
Finally some concrete steps! The idea of engaging 1,600 local business associations is brilliant - our MSME sector has massive untapped potential. I've seen firsthand how complicated EU pharma compliance is for small companies, so that regulatory support is crucial. Also glad they're talking about import substitution - we import way too many things we could make ourselves. Piyush Goyal seems to get the ground realities. 💪
As someone who works in trade logistics, these projections seem ambitious but achievable if infrastructure keeps improving. The 15% Q1 growth aligns with what we're seeing at ports. However, state-level harmonization has been promised before and often falls short - hope this time is different. The focus on anti-dumping is smart too; we need to protect domestic industries from predatory pricing while building export capacity.
Very optimistic projections but I have some concerns. The 17% merchandise export growth target seems high given global inflation and trade tensions. Also, the pharma DBT clearances support is good but what about small spice exporters and handicraft makers? They need simpler processes too. Nice to see the district-level focus - that could really help rural artisans. Let's see some action on the ground first! 🤔
K We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.