Union Commerce and Industry Minister Piyush Goyal has said India’s overall exports, including services and merchandise exports, have crossed $750 billion in the financial year 2022-23. This is an all-time high and this achievement of $750 billion comes in the 75th year of independence as the country celebrates the Azadi Ka Amrit Mahotsav.
In his keynote address at the ASSOCHAM Annual Session 2023: ‘Strengthening India’s Competitiveness’ in New Delhi on Tuesday, Goyal highlighted how the exports have risen from $500 billion in 2020-21 to this figure in challenging times. He said there has been healthy growth in both merchandise and service sectors.
He also said that given the fact that the whole world is in recession, inflation is at an all time high for most developed countries, interest rates are shooting up and there’s a sense of doom and gloom in the rest of the world, India’s performance fills us with pride.
Goyal said, “The domestic market is growing steadily, we have grown from being the 10th largest economy to the 5th largest economy in $ GDP terms. In 4 or 5 years from now we will be the 3rd largest economy in the world. The past few years has been about building the foundation blocks which are necessary for an economy to have many years of uninterrupted and sustainable growth. There is rarely an economy that has become developed purely on the back of the domestic market.”
The minister recalled that Prime Minister Narendra Modi had said from the ramparts of the Red Fort on Independence Day that we should get rid of the colonial mindset and recognise our roots and our strengths. He noted that the 5 Prans articulated by the PM will lead to a developed Bharat@100 in 2047 when we celebrate the centenary of our Independence and said that we all need to work with a sense of duty in the spirit of these 5 Prans.
The minister said that the theme of the event “Bharat@100: Paving the way for inclusive and sustainable global growth” converged with the aspirations of the country’s youth and an emerging young Bharat. He also said that the people desire to see India as an economic superpower leading the world in meeting global challenges. He observed that the world also sees India as a leader on multiple fronts.
He observed that ASSOCHAM should lead from the front in the journey of Bharat@100. He also noted that the focus of the Government is in ensuring that the basic needs of more and more families are being met and that as we move ahead, growth will not only be measured in terms of economic progress but also in terms of social progress & human development indicators along with other factors.
He observed that with more than 80 Crore people in the country using the internet in this interconnected world, we have a whole new aspirational Bharat and the youth of our country today is demanding more and we need to work together to meet the aspirations of the citizens of the New Bharat.
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