Commerce minister of India Piyush Goyal has said that the country's merchandise trade is set to touch an all-time high of $400 billion during the current fiscal, owing to rise in shipments, Trend reports citing NDTV Profit.
According to preliminary trade data, India's merchandise exports in April-November 2021 was at $262.46 billion, up by 50.71 per cent over $174.15 billion in the corresponding period of last year.
"Our exports have consistently crossed $30 billion for the last eight months. We are now at about $262 billion of exports versus $290 billion in the 12 months of last year. So, by the ninth month, we would have crossed last year's export, and we hope to do a record export of $400 billion," Mr Goyal said, while speaking at event organised by industry body CII on Tuesday.
The minister further added that India's imports too are growing and thus providing opportunities to other countries to expand business and international trade with India.
Imports during April-November 2021, grew by 75.39 per cent to $384.44 billion.
"India on its part is showing sharp economic recovery and various indicators are pointing to a bounce back in our work in our industry, manufacturing sector, agriculture, technology and also shaping up of preparing a platform for a decade of huge growth," he added.
Mr Goyal also invited investments from other countries to India. "India is shaping up for a decade of growth. I would like to invite the world to work with India in a spirit of partnership," he said.
The minister said that key areas like trade agreements, investments and promotion of ease of doing business need to be focussed upon to build a resilient ecosystem for international cooperation.