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This comes even as the rest of the world faces recession, Commerce and Industry Minister Piyush Goyal said
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal has announced that India has achieved a historic milestone in its export sector as India's overall exports, including services and merchandise, have crossed the US$ 750 billion mark.
The announcement was made during the ASSOCHAM Annual Session 2023: Strengthening India's Competitiveness in New Delhi on Tuesday, where the Union Minister highlighted the healthy growth in both the merchandise and service sectors.
In his keynote address, Minister Goyal stated that this achievement was particularly significant as it came in the 75th year of independence, as India celebrates the Azadi Ka Amrit Mahotsav. He noted that India's exports had risen from US$ 500 billion in 2020-2021 to this unprecedented figure in extremely challenging times, with the whole world in recession and experiencing high inflation, interest rates, and a sense of doom and gloom.
Union Minister Goyal referred to Prime Minister Narendra Modi's statement on Independence Day, urging the people to shed their colonial mentality and embrace their cultural heritage and capabilities. He highlighted the 5 principles or "Prans" put forth by the Prime Minister, emphasizing that they will pave the way towards a developed India by 2047, coinciding with the nation's 100th anniversary of independence.
In reference to the event's theme "Bharat@100: Paving the way for inclusive and sustainable global growth," Goyal stated that it resonates with the aspirations of the youth in India and the rising young generation. He further emphasized that the citizens of India envision their country as an economic superpower, capable of taking the lead in addressing global challenges. Additionally, he noted that India is perceived as a frontrunner by the global community in several domains.
Furthermore, he stressed on the importance of ASSOCHAM's leadership in the journey towards achieving Bharat@100 and pointed out that the government's priority is to meet the basic needs of more and more families and that growth should not solely be measured in terms of economic progress, but also social progress and human development indicators, among other factors.
He added that in this connected world, where more than 80 million people use the internet, we have a whole new aspirational Bharat and the nation’s youth of are wanting more, and we must work together to satisfy their demands.
According to the Union Minister Goyal, the growth of the domestic market has been consistent and stable, with a focus over the past 9 years on laying the foundation for sustained and uninterrupted economic growth.
He emphasized that the first decade in the journey of a developing country to a developed one is centered on building strong fundamentals, establishing a sound economic framework, and implementing stable regulatory practices that attract both domestic and international capital. He highlighted that India is currently undergoing such a transformative journey, leveraging its extensive domestic market and global connectivity to access the wider world.
The Union Minister noted that the government's effort to make India self-reliant is not about closing doors but further opening them to determine international trade through competitive and comparative advantages. He also highlighted the Renewable Energy sector as an area where India can become the global leader by exploiting the vast export potential and promoting goods and services with the least carbon impact.
He appreciated the Government's initiatives for infrastructure development and the positive feedback received on the Free Trade Agreements (FTA) signed with Australia and UAE. The Minister emphasized that this is India's moment in the sun and called on the industry and businesspersons to leverage India's G20 presidency to showcase India's business globally.
The announcement was made during the ASSOCHAM Annual Session 2023: Strengthening India's Competitiveness in New Delhi on Tuesday, where the Union Minister highlighted the healthy growth in both the merchandise and service sectors.
In his keynote address, Minister Goyal stated that this achievement was particularly significant as it came in the 75th year of independence, as India celebrates the Azadi Ka Amrit Mahotsav. He noted that India's exports had risen from US$ 500 billion in 2020-2021 to this unprecedented figure in extremely challenging times, with the whole world in recession and experiencing high inflation, interest rates, and a sense of doom and gloom.
Union Minister Goyal referred to Prime Minister Narendra Modi's statement on Independence Day, urging the people to shed their colonial mentality and embrace their cultural heritage and capabilities. He highlighted the 5 principles or "Prans" put forth by the Prime Minister, emphasizing that they will pave the way towards a developed India by 2047, coinciding with the nation's 100th anniversary of independence.
In reference to the event's theme "Bharat@100: Paving the way for inclusive and sustainable global growth," Goyal stated that it resonates with the aspirations of the youth in India and the rising young generation. He further emphasized that the citizens of India envision their country as an economic superpower, capable of taking the lead in addressing global challenges. Additionally, he noted that India is perceived as a frontrunner by the global community in several domains.
Furthermore, he stressed on the importance of ASSOCHAM's leadership in the journey towards achieving Bharat@100 and pointed out that the government's priority is to meet the basic needs of more and more families and that growth should not solely be measured in terms of economic progress, but also social progress and human development indicators, among other factors.
He added that in this connected world, where more than 80 million people use the internet, we have a whole new aspirational Bharat and the nation’s youth of are wanting more, and we must work together to satisfy their demands.
According to the Union Minister Goyal, the growth of the domestic market has been consistent and stable, with a focus over the past 9 years on laying the foundation for sustained and uninterrupted economic growth.
He emphasized that the first decade in the journey of a developing country to a developed one is centered on building strong fundamentals, establishing a sound economic framework, and implementing stable regulatory practices that attract both domestic and international capital. He highlighted that India is currently undergoing such a transformative journey, leveraging its extensive domestic market and global connectivity to access the wider world.
The Union Minister noted that the government's effort to make India self-reliant is not about closing doors but further opening them to determine international trade through competitive and comparative advantages. He also highlighted the Renewable Energy sector as an area where India can become the global leader by exploiting the vast export potential and promoting goods and services with the least carbon impact.
He appreciated the Government's initiatives for infrastructure development and the positive feedback received on the Free Trade Agreements (FTA) signed with Australia and UAE. The Minister emphasized that this is India's moment in the sun and called on the industry and businesspersons to leverage India's G20 presidency to showcase India's business globally.
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