India's trade deficit is falling at a rapid pace and the exports are expected to see positive growth in the coming months, Commerce and Industry Minister Piyush Goyal said on Thursday. He said that countries in the world are facing a slowdown and global trade is relatively weak right now.
Given the challenging situation, high interest rates, and cut down in discretionary spending have led to a fall in the exports of readymade apparel and the gem and jewellery sector, the minister said adding lower petroleum prices have resulted in lower export numbers.
"All in all, trade continues to be robust, our trade deficit is falling rapidly. And India will continue to benefit significantly from our global outreach," Goyal told PTI.
When asked if he expects the country's merchandise exports to come in positive growth from September, he said, "I do believe it is possible".
India's exports contracted by 15.88 per cent in July, the sixth straight month of decline, to USD 32.25 billion this year due to a global slowdown and a fall in shipments of key sectors like petroleum, and gems and jewellery.
Imports during the month also declined by 17 per cent, the eighth month of fall in a row, to USD 52.92 billion from USD 63.77 billion in July 2022. This led to a narrowing of the trade deficit to USD 20.67 billion against USD 25.43 billion in July 2022.
Talking about his bilateral meetings, the minister said that more and more countries are looking at expanding trade and business with India. "There is a lot of interest to invest in India," he added.
As Chandrayaan-3 successfully soft-landed on the Moon on Wednesday to propel India into an elite group of nations. Goyal said that at least three countries approached him for a partnership with India in the space sector.
"So, space is going to become a new frontier in which India will provide a leadership role at affordable competitive prices, modern technology and with full self-reliance, where we have the capabilities of our people to reach the moon and aspire for beyond," he added.
Source Name : Economic Times