Current global uncertainty may have some impact on India’s exports, says Commerce Minister Piyush Goyal – view details

Commerce and Industry Minister Piyush Goyal on Thursday said that the current global uncertainty and bearish trend may have some impact on India’s exports.

However, he added that there is a lot of scope for growth in service exports. The minister said that looking at the global situation, India is still the brightest spot in the world.

At the Times Now Summit 2022, he said that in times of uncertainty and when there is talk of recession globally, it is natural that there will be some consequences for India and there is a possibility of some weakness in our exports as well.

India’s exports entered negative territory after a gap of nearly two years, declining by 16.65 per cent to USD 29.78 billion in October, mainly due to lackluster global demand, even as the trade deficit widened to USD 26.91 billion. rose to the dollar, according to data released by the Ministry of Commerce.

Major export sectors including gems and jewellery, engineering, petroleum products, ready-made garments of all textiles, chemicals, pharma, marine products and leather registered negative growth during October.

During April-October 2022, exports registered a growth of 12.55 per cent and stood at USD 263.35 billion. Imports grew by 33.12 percent to $436.81 billion.

On the rupee depreciating against the US dollar, he said the Indian currency has appreciated against other global currencies like yen, pound and euro.

Commenting on the trade deficit, the minister said that it may be due to import of crude oil, but it also helps in boosting the economy.

Speaking about inflation, Goyal said that the government has taken several steps to control prices.

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