Commerce and Industry Minister Piyush Goyal emphasised India’s resilience in export growth despite global challenges, including the Israel-Hamas war.
Despite facing severe challenges, Goyal stated that India continues to be a bright spot in terms of economic growth, emphasising the country’s story of resilience and strength, reported PTI.
Goyal highlighted that increased exports and economic activity create opportunities in services, logistics, and the transportation sector.
Finance Minister Nirmala Sitharaman, in her budget speech, acknowledged the complex and challenging global affairs due to wars and conflicts, with a redefined globalisation and emerging new world order post-COVID pandemic.
Goyal noted that challenges, including wars and crises, have significantly impacted the growth potential on the trade front, leading to a notable slowdown and weakness.
The minister stated, “When we talk about greater exports and greater economic activity, people get opportunities in services, logistics, the transportation sector gets a leg up.”
He expressed concerns about the impact on logistics and shipment lines for exports out of India.
According to government data, India’s exports saw a modest 1 per cent rise to USD 38.45 billion in December 2023, with the trade deficit narrowing to a three-month low of USD 19.8 billion.
However, during April-December in the fiscal year, exports declined by 5.7 per cent to USD 317.12 billion. Imports contracted by 7.93 per cent to USD 505.15 billion, resulting in a trade deficit of USD 188.02 billion in the first three quarters, compared to USD 212.34 billion in April-December 2022.