The world takes India as a trusted partner in maintaining global supply chains, he said

India is on a historical high of exports of goods and services, Union Commerce and Industry Minister Piyush Goyal has said.

Inaugurating the 40th India International Trade Fair (IITF) at Pragati Maidan in New Delhi on Sunday, he said India can become the world’s hub of Industry & Services.

Indian Industry can soar to new heights on Quality, Competitiveness & Economies of Scale, he pointed out.

According to Goyal, the world takes India as a trusted global partner in maintaining global supply chains. Despite the lockdown, India did not default on any service support to the global community, he said.

He also noted that India had been witnessing a historic high of Foreign Direct Investments (FDIs).

There was the highest-ever FDI inflow of $ 27 bn during the first 4 months of FY 21-22, over 62% compared to the same period in FY 20-21.

India also saw the highest ever exports. Merchandise exports in Apr-Oct 2021 was $ 232 bn (+54% over Apr-Oct 20 & +25% over Apr-Oct 19, Goyal added.

The points highlighted by Goyal included:

* international rating agency Moody’s upgraded India’s sovereign rating outlook to ‘Stable’ from ‘Negative’

* GST collections surged to Rs 1.3 lakh cr in October

* ₹1.25L cr retail sales during Diwali

*.Manufacturing PMI rose to 55.9 in October

* Service PMI reached a decade high of 58.4 last month