Despite the economic difficulties at the global level. India‘s exports can reach 900 billion dollars in the current financial year, up from 770 billion dollars last year.
According to the British news agency Reuters, Director General of the Federation of Indian. Export Organisations Ajay Sahi said that in the fiscal year ending March 2024, the export of various things could be 495 to 500 billion dollars. While the export of services could be up to 400 billion dollars. can
Commerce Minister Piyush Goyal appealed to the exporters to look for new markets for their exports. Keeping in mind the Ukraine war and the global economic crisis. He said that the coming time is going to be very difficult.
Indian Prime Minister Narendra Modi has set an export target of two trillion dollars by 2030. And for this, facilities have been given to the electronics, engineering, and agriculture sectors.
Due to exports of software, mobile, petroleum, and agriculture, India’s exports have increased. By two hundred billion dollars in the last two years. However, exports of engineering, jewellery, and precious stones have declined in the last few months.
Exporters said exports of agriculture, petroleum, and electronics goods remained healthy due to price fluctuations in western markets, while exports to Asia and the Middle East increased.
Ajay Sahi was part of a 50-member business delegation to Russia last week and says Indian goods are in high demand due to food embargoes imposed on Russia due to the Ukraine war.
“Indian exporters expect that the two countries will soon come up with a strategy whereby transactions can be done in local currency,” Indian officials say, however, and Russia is reluctant to accept Indian currency for oil exports.
India did not condemn Russia’s attack on Ukraine and insisted on resolving the issue through dialogue.