India's exports to cross $ 800 billion this fiscal: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said despite global economic uncertainties, India's exports of goods and services are expected to cross USD 800 billion this fiscal, which will be a record. Last fiscal year, the exports stood at USD 778 billion.

He said though there will be stresses in the global system, but India's exports basket is large.

"My estimate is that we will cross USD 800 billion in exports, another record given the world situation," he told reporters here.

He added share in services exports is also growing at a rapid pace.

On exports to developing and least developed countries (LDCs), he said those nations have been stressed because of the forex crisis they are facing after the COVID-19 pandemic.
The Red Sea crisis too had impacted shipping lines.

Despite all these challenges and several items where the government had imposed restrictions, significant growth in exports of goods and services is registered.

"Imports were also high but that is in a way a sign of a growing economy. It shows that there is a demand for equipment, machinery in a big way, input and intermediate products, in the country," he said.

On the new US administration, the minister said: "We are looking forward to a deep and substantive engagement with the new US administration...We are looking forward to working with (Donald) Trump administration again".