The government has set a target of USD 5 thousand and 800 crores or 58 billion for product export revenue in the current 2022-23 fiscal year. And for the service sector, the target has been set at 900 crores or 9 billion dollars.
Minister of Commerce Tipu Munshi gave this information at a press conference at the Ministry of Commerce on Wednesday (20 July). The Minister of Commerce said that in the 2021-22 fiscal year, exports of goods and services have earned 60 billion dollars. This time the target of export revenue has been increased by 11% to 67 billion dollars.
The Minister of Commerce said that this target has been determined by taking into consideration the trend of achieving export growth, the financial benefits given by the government for the expansion of products and markets, the recent trend of world trade in the context of the Russia-War, the impact of COVID-19 in the country, and the development of product and service sectors with export potential, etc.
The Minister of Commerce said the target was 51 billion dollars in 2021-22. The export revenue was actually more than 60 billion dollars. This is due in part to the global market moving away from China. Apart from this, people were frugal for two years due to COVID-19. After two years, the trend of shopping has developed among people as COVID-19 has subsided a lot.
The Minister of Commerce said that the outbreak of COVID-19 is increasing again. Besides, there is a widespread heat wave this time. That also created additional pressure. Today, inflation is quite alarming in the world including in America, and the UK. Their condition is worse than ours. By taking these things into consideration, a negative effect can be predicted.
