India's exports in FY23 to reach about USD 770 billion: Minister

India's merchandise and services exports combined in the current financial year ending March will be close to USD 760-770 billion, Union Minister for State for Commerce and Industry Anupriya Patel said on Thursday.

The country's merchandise and services exports stood at USD 672 billion in the last fiscal.

"We are focusing in every possible way on how we can export more and more because today India's share in global merchandise trade is close to 1.8 per cent. As far as services trade is concerned, it is just 4 per cent. We want to take it to 10 per cent," Patel said at the Sourcex India event here.

India's merchandise and services exports in the current financial year ending March will be close to USD 760-770 billion, she noted.

The minister also mentioned that the Indian economy is one of the fastest-growing economies in the world, and with the increasing globalisation of trade, there is immense potential for Indian businesses, particularly brands to expand their footprint in the international market.

"Last year, we did USD 672 billion in goods and services (exports). This year, we will do USD 770 billion," Federations of Indian Ecports Organisations President A Sakthivel said.

The Sourcex India event is aimed at promoting Indian brands in the international market, which is a significant step towards realising Prime Minister Narendra Modi's vision of making the country a global manufacturing hub, he added.