trade deficit India: India’s goods, services exports to cross USD 800 bn this fiscal: Sakthivel

The country’s merchandise and services exports will cross USD 800 billion this fiscal due to the government support and competitive products of the domestic players, an industry official said on Thursday. Apparel Made-ups and Home Furnishing Sector Skill Council Chairman A Sakthivel said the government has taken a series of steps to enhance the industry’s competitiveness in promoting ease of doing business and reducing compliance burden, among others. “I am confident that our total exports will cross USD 800 billion this fiscal,” Sakthivel said.

The announcement to open 12 new industrial cities in the country will further boost domestic manufacturing, he added.

“The production-linked incentive scheme is already a success story at the manufacturing front,” Sakthivel said.

The Indian exporters are getting good orders from developing and developed economies despite challenging geopolitical situation, he added.

He also said Commerce and Industry Minister Piyush Goyal is regularly holding meetings with all the concerned stakeholders, including shipping, to reduce the impact of the Red Sea crisis. Last year, the exports stood at USD 778 billion. Exports during April-September this fiscal increased by 1 per cent to USD 213.22 billion, and imports grew by 6.16 per cent to USD 350.66 billion. The trade deficit during the first half of the fiscal year was USD 137.44 billion.

The Cabinet has approved 12 industrial townships in states like Bihar, Andhra Pradesh and Maharashtra. Besides, four have already been developed, and work is ongoing in four other industrial cities.

India is developing modern infrastructure, common effluent facilities, and providing utilities like water, power, and digital connectivity in these townships.