Highlights:
- Goods and services exports have touched USD 675 billion in 2021-22
- GST in April touched the highest ever level of about Rs 1.68 lakh crore
Commerce and Industry Minister Piyush Goyal said all the key indicators such as jump in exports and high GST collection in April reflect that the country’s economy is on the growth path, on May 5.
Economic increase in India this year
Piyush Goyal said that goods and services exports have touched USD 675 billion in 2021-22; while the GST (Goods and Services Tax) collection in April touched the highest ever level of about Rs 1.68 lakh crore.”So all indicators show that the country is on the right path, growth path, recovery path and the revival path,” he said.
Project exporters are also asked to diversify and foray into markets of the developed world and urged them not to restrict themselves to government’s line of credit projects and projects in the developing world.
Challenges faced by India
The challenges highlighted by Minister that the global economy has been facing such as the Omicron wave, global supply chain disruptions, soaring raw material costs, container shortages,financial market volatility and geopolitical tensions.
He said the country’s target of USD 1 trillion worth of goods and services export each by 2030, would be achieved through the participation of all stakeholders.
Piyush urged the banking sector to abandon the mindset of conservatism that has set in the sector and be open to taking some risks. He said that India has all the necessary ingredients to become a global player in project exports.He was addressing the ‘Summit on Enhancing Global Opportunities for Indian Project Exporters’ organized by the Exim Bank here.
