New Delhi: Amid global challenges, the country’s total exports in October have set a historic record by registering exports worth about 90 billion US dollars, the highest ever so far, Union Commerce and Industry Minister Piyush Goyal has said.
Speaking at the inaugural ceremony of the 45th India International Trade Fair held in New Delhi, Minister Piyush Goyal said that India’s overall exports in the first seven months of the current financial year (up to October) had reached $570 billion, and that in October alone, merchandise exports stood at $50 billion and services exports at $40 billion. Expressing confidence in the country’s export performance, Goyal said that we will successfully achieve the $1 trillion export target by the end of this year.
Amid the current conflicts and global uncertainties, Minister Piyush Goyal expressed confidence that the country’s international trade will record growth of 15 to 16 percent this year.
He said this performance reflects the resilience of the country’s economy, the confidence of exporters, and the ability to face global challenges with determination and self-respect.
The minister, pointing to the strength of the country’s domestic economy, said that during the recent festive season, especially around Diwali, business activity was very strong. He noted that consumer demand had increased in markets across the country and that business activity had intensified.
He expressed confidence that GST collections in October in India, which is one of the world’s fastest-growing major economies, had reached an all-time high, and that record collections would also be seen in November, indicating that economic activity continues to move forward at a strong pace across the country.
Furthermore, speaking about India’s long-term economic goals, Goyal said that India, which is currently a four-trillion-dollar economy, aims to become a 30-trillion-dollar economy by 2047.
Describing the services of the country’s industrial and manufacturing sectors, the minister, speaking about the 38th India International Trade Fair, said that this fair has emerged as an important platform that brings together various states, business organizations, products, and India’s diverse capabilities under one roof.
The Indian Trade Promotion Organisation will organize several overseas trade fairs covering specific sectors and various industries, in order to take the India International Trade Fair platform to international locations. These efforts will provide opportunities for Indian manufacturers, service providers, and start-up companies to showcase their capabilities and connect with buyers and markets around the world, including developed economies. The 45th edition of the India International Trade Fair, Goel noted, has gone beyond mere improvements and taken an important step toward the visionary goal of 'Developed India 2047'.
The 'India International Trade Fair', organized annually by the India Trade Promotion Organisation, began on Friday in New Delhi and is currently underway. This year, the India International Trade Fair is being held with the theme 'Growth and Heritage'. In this 14-day event, 32 states and union territories are participating. They are showcasing their regional products, local industries, traditional handicrafts, cultural heritage, tourism opportunities, and development initiatives.
This exhibition has been used as an important platform for businesses, entrepreneurs, and participating states to promote their products, explore new opportunities, and strengthen domestic and international trade relations.
