All the key indicators such as jump in exports and high GST collection in April reflect that the country’s economy is on the growth path, commerce and industry minister Piyush Goyal said on Thursday.
He said that goods and services exports have touched USD 675 billion in 2021-22, while the GST (Goods and Services Tax) collection in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period.
“So all indicators show that the country is on the right path, growth path, recovery path and the revival path,” Goyal said.
He also asked project exporters to diversify and foray into markets of the developed world and urged them not to restrict themselves to government’s line of credit projects and projects in the developing world.
The minister outlined the challenges that the global economy has been facing such as the Omicron wave, global supply chain disruptions, soaring raw material costs, container shortages, financial market volatility and geopolitical tensions.
About the country’s target of USD 1 trillion worth of goods and services export each by 2030, he said that the target would be achieved through the participation of all stakeholders.
Further, he urged the banking sector to abandon the mindset of conservatism that has set in the sector and be open to taking some risks.
India has all the necessary ingredients to become a global player in project exports, he said, adding, the world has realised that it is absolutely essential to invest in infrastructure.
“Exim Bank can study what the developed world wants, what are the restrictions in their government contracts…,” he said.
He was addressing the ‘Summit on Enhancing Global Opportunities for Indian Project Exporters’ organized by the Exim Bank here.
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“My sense is if someone gets a project in Europe, US, the risks are much lower and you can price your finances better. This will lower your capital requirements with a high credit rating of projects in developed countries,” he said, adding that Indian contractors should diversify and internationalise their operations to get better returns.
“By next year, we would be able to conclude an FTA with the EU,” Piyush Goyal said, adding that a delegation from Italy including its foreign minister is in New Delhi now with which he will be having deliberations. Already, three rounds of negotiations have been held with the UK and there is a possibility of a fourth round soon, Goyal said, adding that he will be meeting the representatives on May 26-27.