Budget proposals to help boost country`s exports: Piyush Goyal
Commerce and Industry Minister Piyush Goyal has said a number of measures such as tweaks in customs duties on certain products announced in the Union Budget for 2023-24 will help boost the country's exports. Goyal further said that despite global economic uncertainties, India's goods and services exports together are registering nearly 14-15 per cent growth.
He stated ‘The world is seeing recessionary conditions and global growth and global trade are also expected to slow down. Despite that when we combine our merchandise and service exports, we are still at quite a sweet spot...We believe that we will close this year also at a double-digit growth in goods and services combined.’
Moreover, he said that merchandise outbound shipments will be 'slightly less' as the whole world is overstocked, high inventories are there, and inflation has caused consumer demand to fall. He added ‘as the global economy recovers from these stresses, particularly of inflation, next year we hope to do better even in merchandise exports and the finance minister (Nirmala Sitharaman) has been generous with her budget allocations for the commerce and industry ministry. So I am quite confident that this will give a boost to our exports.’
