India Eyes Record USD 800 Bn Exports In FY 2024-25: Piyush Goyal

(MENAFN- KNN India) New Delhi, Feb 8 (KNN) Commerce and industry Minister Piyush Goyal announced on Friday that India is poised to achieve unprecedented export figures exceeding USD 800 billion in the 2024-25 fiscal year, marking a historic milestone for the nation's international trade performance.

Speaking during Question Hour in the Rajya Sabha, Goyal emphasised the consistent growth trajectory of exports over the previous four years.

Addressing concerns raised by congress leader Rajeev Shukla regarding potential export decline, Goyal firmly stated that such assertions were "not entirely accurate."

The Minister also reassured the Upper House about the stability of India's foreign exchange reserves, which have maintained a robust position above USD 600 billion for several consecutive months.

During the session, Goyal acknowledged certain unavoidable import requirements driven by domestic supply constraints and high demand, particularly in sectors such as petroleum products, coking coal, pulses, and edible oils.

He characterised the overall rise in imports as a positive economic indicator, attributing it to increased domestic consumption patterns and the establishment of new production facilities.

The Minister provided a strategic perspective on import dynamics, explaining that elevated import levels in specific sectors naturally attract industrial investment, ultimately contributing to job creation and economic growth.

He noted that while the establishment of domestic production units would require time, the current import trends reflect a transitional phase in industrial development.

Supporting these economic initiatives, Goyal highlighted that the recently announced 2025-26 Budget complements these trade patterns by implementing tax relief measures for the middle class, designed to stimulate consumption spending and further strengthen the economy's growth momentum.

(KNN Bureau)

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