India records all-time high exports of nearly 90 billion dollars in October: Commerce Minister Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said, India recorded an all-time high in exports, reaching nearly 90 billion dollars in October this year.

Addressing the inaugural ceremony of the India International Trade Fair (IITF) in New Delhi yesterday, Mr Goyal said the export figure of October comprised around 50 billion dollars in merchandise exports and 40 billion dollars in services exports. He further informed that India’s cumulative exports during the first seven months of the current financial year, up to October, has reached 570 billion dollars. Expressing confidence in the country’s export performance, the Minister said it is well on course to achieve its one-trillion-dollar export target this year.

Mr Goyal also expressed confidence that it’s international trade will register growth of 15 to 16 per cent during the current year, despite ongoing conflicts and global uncertainties. He said the country’s performance reflects the resilience of its economy, the confidence of its exporters and it’s ability to overcome global challenges with determination and self-respect.

Highlighting the strength of India’s domestic economy, Mr Goyal referred to the strong business activity witnessed during the recent festive season, particularly around Diwali. He said markets across the country recorded robust consumer demand and increased business activity. The Minister also pointed out that GST collections in October touched an all-time high for the month. He expressed confidence that November would also see record collections, reflecting the continued momentum of economic activity across the country. Referring to India’s long-term economic ambitions, Mr Goyal said the country, currently a four-trillion-dollar economy, aspires to become a 30-trillion-dollar economy by 2047.

Speaking about the India International Trade Fair, the Minister said, the event has emerged as an important platform bringing together states, businesses, products and it’s diverse capabilities under one roof. He announced that the India Trade Promotion Organisation would take the IITF platform to international destinations by organising several overseas trade fairs, covering both specific sectors and multiple industries. These initiatives will provide Indian manufacturers, service providers and start-ups with opportunities to showcase their capabilities and connect with buyers and markets across the world, including developed economies. Mr Goyal added that the 45th edition of IITF had moved beyond incremental improvements, marking a significant step towards the vision of Viksit Bharat 2047.

The annual India International Trade Fair, organised by the India Trade Promotion Organisation, begins in New Delhi today. It brings together more than 3,500 exhibitors from India and abroad. The theme of this year’s fair is ‘Vikas aur Virasat’. A total of 32 States and Union Territories will participate in the 14-day event, showcasing their regional products, local industries, traditional crafts, cultural heritage, tourism potential and development initiatives. The fair will provide a major platform for businesses, entrepreneurs and participating states to promote their products, explore new opportunities and strengthen domestic as well as international trade ties.