January 25, 2023
India’s services exports are expected to increase by 20% in FY23
In FY22, service exports reached a record US$ 254 billion
Merchandise exports witnessed a 9% growth in the initial nine months of FY23
India’s ongoing talks for a free trade agreement (FTA) with the UK are expected to ensure positive economic and business outcomes for both countries
India’s services exports are expected to increase by 20% in FY23 from last year, and surpass the US $300-billion target, according to commerce and industry minister Piyush Goyal.
In FY22, service exports reached a record US$ 254 billion. On the other hand, merchandise exports witnessed a 9% growth, reaching US$ 333 billion in the initial nine months of FY23. The minister said that this was achieved despite global macroeconomic concerns.
According to Goyal, multiple structural reforms initiated by the government in recent years, including Make in India and Digital India campaigns, have contributed to the numbers.
While service exports have witnessed a rise, merchandise exports decreased this fiscal as goods exports contracted in two of the past three months. However, the country is expected to witness a positive growth momentum this year if the U.S., Europe and China pick up, Goyal said.
Additionally, the minister mentioned that India’s ongoing talks for a free trade agreement (FTA) with the UK will ensure positive economic and business outcomes for both countries.
Source: Financial Express