Services exports to scale up USD 300 bn target for this fiscal, says Goyal
Services exports to scale up USD 300 bn target for this fiscal, says Goyal

NEW DELHI: Country's services exports are doing extremely well and going by the current trend these outbound shipments would register about 20 percent growth in this fiscal and cross the USD 300 billion target despite global economic uncertainties, Commerce and Industry Minister Piyush Goyal has said.

The minister said that on the merchandise front also, exports are so far registering healthy growth despite the world being under recession, huge inflationary pressure, and overstocking of various commodities. With all these stress, where every global leader is talking of "very" tough times, India's exports rose 9 per cent yearon-year during April-December 2022-23. "On services though, we have done extremely well. On services we are probably going to do at least a 20 per cent growth and by the current trends, we will exceed the target of USD 300 billion this year.

During April-December 2022-23, overall exports rose 9% to USD 332.76 billion while imports increased 24.96% to %551.7 billion. Trade deficit during the nine-month period widened to USD 218.94 billion as against USD 136.45 billion in April-December 2021-22. In last fiscal year, the country's merchandise shipments touched an all-time high of USD 422 billion.

Meanwhile, Goyal said that in the talks for the proposed free trade agreement between India and the UK, the focus is on what is acceptable to both countries and not allow sensitive issues to scuttle the discussions. He also said that student visas are never part of a free trade agreement (FTA)

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