India`s exports likely to touch record $800 billion in 2024-25 fiscal year: Piyush Goyal
Expressing optimism over India’s exports growth, Commerce and Industry Minister Piyush Goyal has said the country’s exports are growing significantly and would achieve a record $800 billion in 2024-25 fiscal year. He added ‘exports have been growing and have risen significantly in the last four years. This year also, there will be growth. We will end the year with over $800 billion exports for the very first time in India's history’.
However, regarding the imports, the minister noted that certain imports -- petroleum products, coking coal, pulses and edibles oils -- are 'unavoidable' due to domestic shortages and high demand. The growth in imports, is due to a rise in domestic consumption, which is a good sign for the economy.
He also said when imports rise in a particular sector, industries are attracted to that sector. That will lead to growing jobs and greater investment. He added ‘It will take some years to come and establish and set up production units. During that period, obviously, imports will go up’. Moreover, the 2025-26 Budget, providing tax relief to the middle class, has also given a boost to consumption spending.
