The country’s exports of goods and services will exceed $800 billion this fiscal year due to government support and competitive products from domestic players, an industry official said on Thursday.
A Sakthivel, chairman of the Apparel and Home Furnishing Sector Skills Council, said the government has taken several measures to improve the industry’s competitiveness in other areas, including ease of doing business and reducing compliance burden.
“I am confident that our total exports will exceed $800 billion this financial year,” Sakthivel said.
He said the announcement of the opening of 12 new industrial cities in the country will further boost domestic manufacturing.
“The production-linked incentive scheme is already a success on the manufacturing front,” Sakthivel said.
He said despite the difficult geopolitical situation, Indian exporters are receiving good orders from developed and developing economies.
He also said that Commerce and Industry Minister Piyush Goyal is holding regular meetings with all stakeholders, including shipping, to mitigate the impact of the Red Sea crisis.
Last year exports amounted to 778 billion dollars. Exports rose 1 per cent to $213.22 billion and imports rose 6.16 per cent to $350.66 billion during April-September this fiscal year. The trade deficit during the first half of the fiscal year amounted to $137.44 billion. The Cabinet has approved 12 industrial townships in states like Bihar, Andhra Pradesh and Maharashtra. In addition, four have already been developed and work is underway on four more industrial cities. India is providing modern infrastructure, common waste facilities and services like water, electricity and digital connectivity in these townships.
