We will maintain export figures of last year despite global slowdown: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday exuded confidence that during this fiscal, the country will maintain the last year's export figures despite slowdown in global trade.

He said that India's exports of goods and services rose to USD 776 billion in 2022-23 from USD 500 billion 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...

"and 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 USD 278.8 billion. The estimated value of services export during the eight-month period stood at USD 220.66 billion.

He added that both the foreign affairs and commerce ministries are working together to boost exports.

Earlier, speaking at the Aatmanirbhar Bharat Utsav 2024 and ODOP Awards Ceremony 2023, he said that the the country is not "anti-imports" and wherever required, companies can import goods.

"Aatmanirbhar Bharat is not about stopping imports," he added.

Further he said that before the forthcoming general elections, the country's economy is expected to touch USD 4 trillion.

At the event, Goyal and External Affairs Minister S Jaishankar conferred the ODOP (One District One Product) awards onto the selected states, districts and Indian missions which led a drive towards fostering innovation and achieving excellence under this initiative.