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Commerce and Industry Minister Piyush Goyal has said that the country's exports are likely to register a reasonable level of growth in the current financial year (FY23) despite the global uncertainties on the trade front. He said there are signs of a global slowdown in international trade and India is keeping a watchful eye on the developments by talking to all the export promotion councils and large exporters, and engaging with the Indian missions abroad.

The minister said ‘in the current global situation, our exports will stand based on price competitiveness and quality…We will calibrate the expectations of exports based on the ground reality.’ He also said ‘the whole world is facing severe challenges, Covid is not yet over…There is a geopolitical situation, which is not conducive, inflation worldwide is (a matter) of concern, petroleum products are still at high prices, food security concerns also are before us, and fertilizer shortages in many parts of the world are reported. In these challenging times, the fact that India prepared itself structurally and strengthened our basic readiness and capability to expand exports….Therefore a reasonable level of growth from last year can still be expected.’

Besides, talking about the new foreign trade policy (FTP), Goyal said the ministry is collecting inputs from all quarters to release a robust policy. Due to uncertainties all over the world and international trade, the ministry has extended the existing policy till September this year. In these challenging times, he said ‘we are looking at further ease of doing business, reducing compliance burden, decriminalizing existing laws, developing districts as export hubs, promoting our traditional areas where we are strong like textiles, pharmaceuticals, marine products, other Agri produce, handicrafts and handlooms, and leather goods, and we feel that the demand for these products will be robust in the long run’.