India’s Exports Set To Surpass $825 Bn: Piyush Goyal
Commerce Minister discusses shipping industry Issues, global outreach plan, and impact of Russian oil purchases
India’s exports of goods and services are projected to cross USD 825 billion this year, despite ongoing global challenges, Commerce and Industry Minister Piyush Goyal said on Wednesday. Speaking at an event organised by the Public Affair Foundation of India, Goyal said his ministry is set to meet with the shipping industry on Thursday to address pressing concerns such as container shortages, rising freight costs, and the impact of the Red Sea crisis on trade.
Global Outreach For Investment
Goyal also unveiled plans for the Indian government’s global outreach programme, aimed at fostering foreign investment. New offices will be opened in key cities such as Singapore, Dubai, Saudi Arabia, New York, Silicon Valley, and Zurich to support the initiative. These offices will serve as hubs for Invest India, NICDC (National Industrial Corridor Development Corporation), and ECGC (Export Credit Guarantee Corporation), helping exporters and importers by offering services and streamlining investments into India.
"Our goal is to simplify the process for foreign investors," said Goyal. “From anywhere in the world, one can purchase land in India, complete approvals through a single-window platform, and resolve issues via video conferencing.”
The outreach will focus on promoting trade, technology, investment, and tourism to bolster India’s global presence.
Trade Figures And Economic Challenges
Goyal’s optimistic outlook comes amid a sharp 9.3 per cent drop in India’s goods exports in August, the steepest decline in over a year, resulting in a trade deficit of USD 29.65 billion - a 10-month high. However, Goyal remained positive, noting that last year’s combined goods and services exports amounted to USD 778 billion.
Russian Oil Purchase
Goyal highlighted India’s strategic decision to continue purchasing oil from Russia amid sanctions on countries like Iran and Venezuela. He explained that this move has helped stabilise global oil prices.
"If India were out there in the market with its full demand of 5.4 billion barrels a day, oil prices could have soared to USD 300 or 400 per barrel. Instead, we have helped cool the market to the current USD 72 per barrel," Goyal remarked.
The minister also mentioned ongoing discussions with Japan, Singapore, and Switzerland to establish units in India’s industrial townships, following the Indian Cabinet’s recent approval of 12 new townships.
