Increase in exports, improvement in CAD, mnfg to help boost Indian economy: Goyal
exports, improvement in the current account deficit (CAD) and focus on expanding manufacturing will help the Indian economy register a healthy growth rate, Commerce and Industry Minister Piyush Goyal has said. He was here to participate in a programme of the gems and jewellery industry.
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The minister expressed confidence that the country's goods and services exports would cross USD 800 billion this fiscal. It was USD 778 billion in 2023-24 and USD 776 billion in 2022-23.
Goyal said that the mood amongst industry and exporters is «wonderful» and a «very great» sense of confidence is there among the investors about the India growth story.
«I think this year we will end with over USD 800 billion exports...We also focus a lot on expanding our manufacturing capacities, so that our import dependencies can come down and CAD is also showing healthy improvement in the last few months.
»We are very confident that the Indian economy is poised for both healthy and organised growth and providing opportunities to lakhs of people across India," the minister told PTI.
S&P Global Ratings has retained India's GDP growth forecast for the current financial year at 6.8 per cent and said high interest rates and lower fiscal spur would temper demand.
While another rating agency Fitch estimates India's growth at 7.2 per cent in FY'25, the Asian Development Bank (ADB) estimates India's GDP
