India’s Exports will not go down this year

Commerce Minister PiyushGoyal exuded confidence that during this fiscal, the country will maintain the last year's export figures despite slowdown in global trade. India's exports of goods and services rose to  776 billion US dollars in 2022-23 from 500 billion US dollars two years ago.

"Globally growth has been negative, international trade is in the negative territory, estimates are that this year international trade may fall, and in that perspective after having grown so rapidly we are looking at a phase of consolidation...

"I expect that the current year, we will maintain our figures of last year and strengthen our processes and our domestic capacities, capabilities to be able to grow at much faster rates in the years to come," Goyal told reporters here.

Cumulatively, the country's merchandise exports in April-November 2023-24 contracted by 6.51 per cent to 278.8 billion US dollars. The estimated value of services export during the eight-month period stood at  220.66billio US dollars.

Both the External affairs and commerce ministries are working together to boost exports.

Earlier, speaking at an awards Ceremony,, he said that the country is not "anti-imports" and wherever required, companies can import goods.