India's Exports Set to Cross $800 Billion: Piyush Goyal In a move to bolster India's start-up ecosystem, the government is simplifying procedures for startups relocating their headquarters back to India.
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India is on the cusp of a historic economic achievement, with exports of goods and services projected to exceed $800 billion in the current fiscal year, according to Commerce Minister Piyush Goyal. This milestone underscores India's export sector's resilience amidst global economic uncertainties, marking a significant rise from last year's $778 billion.
"My estimate is that we will cross $800 billion in exports, another record given the world situation," Goyal stated. He credited the growth to a diversified export basket and the robust expansion of services exports. Despite global challenges such as forex crises, the Covid pandemic, and disruptions in shipping, India has sustained momentum across its export sectors.
The minister also noted that rising imports signify robust domestic economic activity, fueled by demand for machinery, equipment, and intermediate goods.
Goyal expressed optimism about strengthening trade relations with the United States. "We are looking forward to a deep and substantive engagement with the new US administration," he said, underscoring the significance of bilateral cooperation in promoting economic growth.
Indian startups returning home
In a move to bolster India's start-up ecosystem, the government is simplifying procedures for startups relocating their headquarters back to India. Goyal emphasized the importance of fostering innovation and BIZ Experiencesship, noting, "It is a welcome sign that more startups are coming back home to register, list, and grow in India."
The Department for Promotion of Industry and Internal Trade (DPIIT) has signed 50 MoUs with corporate entities, encouraging collaboration between startups and businesses to address industry challenges. Additionally, the National Start-up Advisory Council continues to advise on strategies to strengthen India's start-up ecosystem.
Electric vehicle sector gears up for growth
India's electric mobility sector has reached a pivotal stage, no longer reliant on new subsidies to thrive, according to Goyal. "The electric mobility sector is absolutely ready to fly," he asserted, highlighting existing incentives such as reduced GST rates and government support for charging infrastructure development.
During discussions with stakeholders, safety standards emerged as a key priority. The Bureau of Indian Standards has already issued regulations for three- and four-wheelers, with two-wheeler standards under review. Goyal also stressed consumer empowerment in battery-swapping solutions, encouraging smart choices for EV adoption.
As India continues to expand its global footprint through exports, foster a thriving start-up environment, and promote sustainable mobility, the nation solidifies its position as a key player in the global economy.
