India: Exports jumped, Commerce Minister Piyush Goyal said - 5% increase amid global challenges

India has taken a big leap in the export sector in April-May. Merchandise exports have increased by five percent during this period. Commerce and Industry Minister Piyush Goyal said this is the first time that exports have increased well abroad, despite global challenges. He said that after April-May, even the export numbers have remained positive in the month of June. The service sector has increased the most.

Commerce Minister Piyush Goyal said amidst the Russia-Ukraine, Israel-Hamas war, the Red Sea crisis, and container shortage, India's exports have remained positive. In this, the increase in exports from the services sector is more. Goyal said that even after May the June figure has been very good. Basically, the exports will be better in the first quarter. Exports of June month, for which Commerce Ministry official data will be released by July 15, have shown that the country's business exports grew by 9.1% in May to US $ 38.13 billion. At the same time, outbound shipments grew by 5.1% to $ 73.12 billion in April-May of the current financial year.

He stated that exports in the service sector have been provided with due impetus because of the Digital India Mission and through 4G and 5G. It will not be out of place to mention that this year, after the global challenge, India will cross the target of US $ 800 billion in exports in the goods and services sectors. India's merchandise and services exports for 2024-23 stood at US $ 778.2 billion.

Talking about FDI, the Commerce Minister also said, "Whenever there is an improvement at the international level, the situation of recession is over, it will increase." Foreign direct investment is continuously being made in India. He said that in the US and other developed countries, interest rates are high, so investing here would be a profitable deal.

The data from the Department of Industry and Internal Promotion show that the FDI in India has decreased by 3.49% in the year 2023-24, amounting to US$ 44.42 billion. Whereas in January-March 2024, FDI overgrew, registering an increase of 33.4% at US$ 12.38 billion. The previous year, the investment figure stood at $9.28 billion. He also mentioned that the confidence among global investors in foreign portfolio investments (FPIs) in India has been increased and looked upon vividly. In the month of June, India went on to receive Rs 26,565.