Increase in exports, improvement in CAD, mnfg to help boost Indian economy: Goyal
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India's Commerce and Industry Minister, Piyush Goyal, has stated that an increase in exports, improvement in the current account deficit (CAD), and focus on expanding manufacturing will help boost the Indian economy. Goyal expressed confidence that India's exports would cross USD 800 billion this fiscal year, up from USD 778 billion in 2023-24. He also mentioned that the mood amongst industry and exporters is positive, with a sense of confidence in the India growth story. S&P Global Ratings has retained India's growth forecast for the current financial year at 6.8%, while Fitch estimates growth at 7.2% and the Asian Development Bank (ADB) estimates GDP growth at 7%. Goyal also mentioned that the CAD is showing healthy improvement in the last few months. India recorded a current account surplus of USD 5.7 billion or 0.6% of GDP in the March quarter, the first time in ten quarters that the metric has turned into surplus mode. The minister also stated that several suggestions regarding special economic zones (SEZs) are under consideration. The article was published by The Economic Times.
#Exports #Cad #Manufacturing #IndianEconomy #PiyushGoyal
https://m.economictimes.com/news/economy/foreign-trade/increase-in-exports-improvement-in-cad-mnfg-to-help-boost-indian-economy-goyal/articleshow/111384389.cms
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