India’s exports to cross $760 billion in FY23 as centre works to reduce logistics cost

The Modi government has made a plan to invest Rs 100 lakh crore in infrastructure, said Shah. The minister expressed confidence that the Modi government has laid a strong foundation for making India a developed nation by 2047 and a $5 trillion economy by 2025.

Piyush Goyal, Commerce and Industry Minister, while speaking at the ASSOCHAM event, said, “various steps being take by the government are making India more cost competitive, be it the huge investment in infrastructure coupled with logistics, technological advancement, or the PM GatiShakti.”

India's merchandise and services exports grew to $676 billion in 2021-22 from $500 billion and are estimated to cross $760 billion in the current fiscal ending March 31, said Goyal. The minister further said that at a time when the whole world is facing recession, high inflation and elevated interest rates, India is performing well.

Goyal also stressed that over the last 9 years, the focus of the Modi government has been on building the foundation blocks which are necessary for an economy to have many years of uninterrupted and sustainable growth.

Goyal also said the Free Trade Agreements (FTAs) with the UAE and Australia have been welcomed by the industry. The speed of India's FTAs did not come at the cost of compromising the quality of agreements and it was done after extensive stakeholder consultation, he noted.

"We have a string of countries from across the globe wanting to engage with India today to expand and deepen ties," said Goyal, adding the world recognises the delta of opportunities that India offers.

Leveraging on the G20 Presidency and the edge India has today, the need of the hour is speedy and aggressive outreach to global markets with a focus on investment, trade, technology and tourism, the minister said.