Indian exports to cross $750 billion comfortably this year: Commerce Secretary

In a media briefing, the commerce secretary BVR Subrahmanyam announced that Indian exports were 17% higher and were holding firm despite the grim situation worldwide.

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In a media briefing, the commerce secretary BVR Subrahmanyam announced that Indian exports were 17% higher and were holding firm despite the grim situation worldwide.

The Ukraine-Russia war has impacted the prices of food grains and petroleum which has led to inflation worldwide. Despite the serious economic situation worldwide, he said,”Indian exports to cross $750 billion comfortably this year.

He further added, “Service exports will cross $300 billion and goods exports will cross $450 billion on the lower bound. Our own estimate is 470 billion dollars for the year.”

The commerce secretary mentioned that the export in August remains flat at $33 billion.

Government data shows that imports in August were up by 37% which translated to $61.68 billion and the trade deficit broadens to $28.68 billion and a 45% rise in imports between April to August YoY.

The trade deficit is expected to be $160-$180 billion this year.

The electronic and chemical sectors have been the best performing sectors with 50% and 14% rise respectively.

The Secretary of Commerce assured by saying that India is not in an uncomfortable position with respect to trade.