Commerce and Industry Minister Piyush Goyal on Thursday said that India’s trade deficit is reducing rapidly and exports are expected to see positive growth in the coming months.
He said that the countries of the world are facing recession and the global trade is still relatively weak.
Given the challenging situation, exports of readymade garments and gems and jewelery sector have declined due to high interest rates and cut in discretionary spending, the minister said, adding that export numbers have come down due to low petroleum prices.
Overall, trade continues to be strong, with our trade deficit narrowing rapidly. And India will continue to benefit significantly from our global reach, Goyal told PTI.
When asked if he expected a positive growth in the country’s merchandise exports from September, he said, “I believe it is possible.”
India’s exports contracted by 15.88 per cent for the sixth consecutive month to USD 32.25 billion in July due to global slowdown and fall in shipments of key sectors such as petroleum, gems and jewellery.
Imports during the month also declined by 17 per cent, for the eighth consecutive month, from USD 63.77 billion in July 2022 to USD 52.92 billion. This reduced the trade deficit to US$ 20.67 billion as against US$ 25.43 billion. July 2022.
Talking about their bilateral meetings, the Minister said that more and more countries are looking to increase trade and business with India. “There is a lot of interest in investing in India,” he said.
Chandrayaan-3 successfully soft-landed on the Moon on Wednesday, making India an elite group of nations. Goyal said at least three countries have approached him for partnership with India in the space sector.
Therefore, space is going to be the new frontier in which India will provide a leadership role with affordable competitive prices, modern technology and complete self-reliance, where our people have the capability to reach the Moon and aspire beyond, he added. Went.
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