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piyush goyal: India’s FY21 goods exports likely to be 8-10% lower, to reach $1 trillion digital economy quickly: Piyush Goyal

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Commerce and industry minister Piyush Goyal on Tuesday said India’s FY21 goods exports are likely to be just 8-10% lower than the previous fiscal when outbound shipments were $314 billion. Services exports, except hospitality and tourism, are likely to witness a 10% dip, he said. Goyal also said that India’s digital ecosystem is valued at around $200 billion and the country’s ambition to grow five times to $1 trillion can be reached quickly given its comparative advantage.

“We will be almost getting back to the level of trade in goods of last year, possibly with a 10% shortage that’s all,” Goyal said at the Services Conclave organised by the Confederation of Indian Industry.

This translates to exports worth $283-289 billion.

“Given the ramifications of the pandemic globally and India, high shipping freights, containers in short supply, we will be 90-92% in goods and services (exports) as a nation and will show everyone that India is a trusted partner and ready to serve,” he said.

On the services front, other than tourism and hospitality, the minister said, where the world and India took a hit with international travel and vacationing down, the country will close the year with 90% of our its services export compared to last year. In 2019-20, India’s total services exports were $214.61 billion.

India’s exports in April-February 2020-21, at $256.18 billion, were 12.23% lower than exports in the year ago period.


Digital space


“Against a $200 billion digital ecosystem in India today, we have a trillion dollar ambition which is 5x growth,” Goyal said, adding that given the way India is reorienting its comparative advantage, “we can achieve an $800 billion digital economy very soon”.

He said going ahead, India’s share in the world services market will significantly expand.

Emphasizing that cyber security is another area of focus, the minister said the government wants to invite hi tech industries to invest in India.



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