Exports target of USD 650 Billion within the current financial year achievable: Shri Piyush Goyal

“$400 Bn target of Merchandise exports is within sight and the Services sector should strive for $250 Bn exports”

We can set a much higher goods exports target in the last quarter of this FY

“In December alone we touched $37 Bn goods exports despite the Omicron fear factor weighing high" - Shri Piyush Goyal

The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said the exports target of USD 650 Billion within the current financial year is achievable. Chairing a Review Meeting of all major Export Promotion Councils (EPCs), Shri Goyal said the $400 Bn target of Merchandise exports is within sight and the Services sector should strive for $250 Bn exports.

Expressing his satisfaction that India achieved $300 Bn Merchandise exports in the first nine months of the current FY (April-Dec, 2022), Shri Goyal assured the EPCs that his Ministry will do whatever it takes in handholding the EPCs and resolving their issues to attain even higher export targets in the next FY.

Shri Goyal said we can set a much higher goods exports target in the current last quarter of this FY. “In December alone we touched $37 Bn goods exports despite the Omicron fear factor weighing high. This month, in 15 days till January 15th, we have reached $16 Bn.”

Shri Goyal said the Prime Minister Shri Narendra Modi has himself set the pace by setting “transformational results” and not “incremental growth”.

The Commerce & Industry Minister urged the EPCs and entrepreneurs to avail of the Government’s initiatives towards Ease of Doing Business such as obtaining clearances through the National Single Window System. He assured the Industry representatives to pursue their demands during the various FTA negotiations.

Speaking of the government’s efforts to improve the ease of living and the ease of doing business, Shri Goyal said that more than 25,000 compliances have been reduced.

The Minister assured that the government is willing to listen to new ideas, engage with industry at every level and work as an enabler, facilitator and partner.

Exports target achievable as government pledges support and ease-of-doing-business measures to boost merchandise and services shipments. Exports target of USD 650 billion for the current financial year is presented as achievable with a merchandise exports aim of USD 400 billion and a services exports aim of USD 250 billion; merchandise exports reached USD 300 billion in the first nine months and recent monthly performance was strong. The Ministry pledges to handhold Export Promotion Councils and industry, resolve issues, and pursue higher targets, while advancing facilitative measures such as clearances via the National Single Window System, engagement in FTA negotiations, and reduction of over 25,000 compliances.