Union Commerce and Industry Minister Piyush Goyal on Tuesday said India’s economic fundamentals remain strong and the country is entering a new phase in global trade that could expand its international footprint.
Speaking in the Lok Sabha, Goyal said services exports continue to grow steadily, while merchandise exports have remained stable so far.
“While services exports continue to grow every month, merchandise exports have remained flat till February, which means they have not declined,” he said.
Goyal said there was some weakness in exports during the first week of March, but shipments turned positive in the second week and are expected to stabilise by the end of the month.
Referring to India’s external sector, the minister said the current account deficit consists of several components, including the goods trade deficit and the services trade surplus.
He noted that the services surplus remains significant and helps offset the merchandise trade gap.
Goyal also highlighted strong remittance inflows and continued foreign direct investment (FDI) into the country.
“Overall, India’s economic situation and fundamentals are very strong. There is growing enthusiasm across the world to expand trade relations with India,” he said.
The minister said India has expanded trade engagement with several developed nations in recent years, creating new opportunities for exporters.
He added that earlier free trade agreements (FTAs) were often signed with competing economies, which posed challenges for domestic industries.
According to Goyal, the government is now pursuing more balanced trade agreements that would benefit Indian exporters, farmers, fishermen and micro, small and medium enterprises (MSMEs).
Referring to the proposed trade pact with the United Kingdom, he said efforts are underway to operationalise it soon, possibly as early as next month.
“As these agreements become operational, they will open new markets for Indian products and services, creating vast opportunities for exporters,” he said.
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