In FY23 India’s export to touch about $770 Billion, says Union Minister for State for Commerce and Industry

According to Union Minister for State for Commerce and Industry Anupriya Patel, in the current fiscal ending in March, India's merchandise and services exports together will be close to $760-770 billion.

"We are focusing in every possible way on how we can export more and more because today India's share in global merchandise trade is close to 1.8 per cent. As far as services trade is concerned, it is just 4 per cent. We want to take it to 10 per cent," Patel said at the Sourcex India event. India's merchandise and services exports in the current financial year ending March will be close to $760-770 billion, she noted.

The minister has hihlighted that India is one of the fastest growing economies in the world and with the increasing globalisation of trade, there is immense potential for Indian businesses, particularly brands to expand their footprint in the international market.

"Last year, we did $672 billion in goods and services (exports). This year, we will do $770 billion," Federations of Indian Ecports Organisations President A Sakthivel said.

The Sourcex India event is aimed at promoting Indian brands in the international market, which is a significant step towards realising Prime Minister Narendra Modi's vision of making the country a global manufacturing hub, he added.