“Data till February shows that we will cross $750 billion of exports in a few days. Both merchandise and services are growing. Services are growing faster,” Goyal said at an event organised by Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) in Mumbai.
He also said $315-320 billion of services exports are expected this year. India’s goods and services exports touched an all-time high of $422 billion and $254 billion, respectively, in FY22, taking the total to $676 billion.
He said forecasts show that global trade is slowing but India’s exports are growing, and when the year started, with the Russia-Ukraine war, orders were slowing in developed economies, and inflation and recessionary conditions were there. Goyal also said 2,000 products will come under Quality Control Orders as the country has been slow on them.
“Other countries give high degree of importance to build bridges with India, expand trade and commercial relations, improving their military and defence ties with India,” he said.
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