September 20, 2024
According to Commerce and Industry Minister Piyush Goyal, India’s goods and services exports are expected to cross US$825 billion despite global economic challenges
The government plans to open outreach offices in Singapore, Dubai, Saudi Arabia, New York, Silicon Valley, and Zurich to assist foreign investors
Invest India, NICDC, and possibly ECGC will establish offices abroad to provide services for exporters and importers, enhancing the ease of doing business with India
The government is in talks with Japan, Singapore, and Switzerland to establish units in newly approved Indian industrial townships
India’s Commerce and Industry Minister, Piyush Goyal, has projected that the country’s goods and services exports will exceed US$825 billion despite the ongoing global economic challenges. Speaking at an event organised by the Public Affairs Foundation of India, Goyal also discussed the government’s efforts to mitigate issues such as container shortages and rising freight costs, alongside the impact of the Red Sea crisis. He announced a key meeting with the shipping industry to address these concerns.
Goyal highlighted the government’s plans to open new outreach offices in several strategic locations, including Singapore, Dubai, Saudi Arabia, New York, Silicon Valley, and Zurich. These offices are part of India’s push to attract and handhold foreign investors. “Teams will be sent to man the offices of Invest India, the National Industrial Corridor Development Corporation (NICDC), and potentially the Export Credit Guarantee Corporation (ECGC) to offer services to exporters and importers in foreign countries,” Goyal said.
He explained that these new offices would allow investors worldwide to buy land in India, secure approvals through a single-window platform, and resolve issues via videoconferencing. “Trade, technology, investment, and tourism will be the focus of our outreach,” he added.
India’s goods exports have faced challenges recently, with a sharp 9.3% decline in August 2024, marking the steepest drop in over a year. The country’s trade deficit also soared to a 10-month high of US$29.65 billion. Despite this, India remains on track to surpass last year’s export figure of US$778 billion.
Goyal also touched on India’s strategy to buy oil from Russia, emphasising how it has helped stabilise the global oil market amidst sanctions on countries like Iran and Venezuela. He noted that, without India’s actions, oil prices could have surged to US$300 or US$400 per barrel due to OPEC’s strategies. “India’s decision has had a cooling effect on the market, bringing oil prices down to US$72 per barrel,” he stated.
In addition to export and oil market discussions, Goyal mentioned ongoing talks with countries like Japan, Singapore, and Switzerland to set up units in India’s industrial townships. This follows the cabinet’s recent approval of 12 new townships, which aim to boost industrial growth and foreign investments.
Source: Economic Times