India’s goods exports will stand at USD 290 billion for the financial year ending March, 7 per cent short of the shipments in the previous fiscal, Union Minister Piyush Goyal said on Friday.
However, the minister said this was great considering the country has bounced back so quickly in a challenging year.
India’s goods exports stood at USD 313 billion in FY20.
“As against about USD 313 billion of goods exports last year, we will end the year with almost 93 per cent of that, USD 290 billion. Now isn’t that great,” Goyal said while addressing the Times Network India Economic Conclave.
Asked about big foreign firms which have made investments in India in the past year, the commerce and industry minister said Apple and Samsung have invested on a large scale in the country and expanded their facilities.
Referring to the two firms, he said: “I believe they are looking at India as their prime production base to meet the needs of the world.”
He added that pharma companies are also looking at expanding their investments in India.
The minister also expressed confidence that going forward, India will be able to overtake China in its engagement with Bangladesh.
His statement comes at a time when Prime Minister Narendra Modi is visiting Bangladesh.
Surjitt Sahani
