India recorded an all-time high in exports in October, reaching nearly $90 billion, including merchandise and services exports, Commerce and Industry Minister Piyush Goyal announced. Expressing confidence in the country’s trade performance, the Minister said India is on course to achieve its $1 trillion export target this year.
Addressing the inaugural ceremony of the India International Trade Fair (IITF) in New Delhi, Goyal said October’s export figures comprised approximately $50 billion in merchandise exports and $40 billion in services exports. He further stated that India’s cumulative exports during the first seven months of the current financial year, up to October, had reached $570 billion.
The Minister expressed confidence that India’s international trade would grow by 15 to 16 per cent during the current year, despite ongoing conflicts and global uncertainties. He attributed the country’s performance to the resilience of the economy, the confidence of exporters, and India’s ability to navigate global challenges with determination and self-respect.
Strong Domestic Demand Supports Economic Momentum
Highlighting the strength of the domestic economy, Goyal pointed to the strong business activity witnessed during the recent festive season, particularly around Diwali. Markets across the country recorded robust consumer demand and increased business activity.
He also noted that GST collections in October touched an all-time high for the month. Expressing optimism about the coming months, he said November could also witness record collections, reflecting the continued momentum of economic activity.
Referring to India’s long-term economic ambitions, Goyal said the country, currently a $4 trillion economy, aspires to become a $30 trillion economy by 2047.
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IITF to Expand Its International Reach
Speaking about the India International Trade Fair, Goyal described it as an important platform that brings together states, businesses, products and India’s diverse capabilities under one roof.
He announced that the India Trade Promotion Organisation (ITPO) would expand the IITF platform to international destinations by organising several overseas trade fairs covering both specific sectors and multiple industries.
These initiatives will provide Indian manufacturers, service providers and start-ups with opportunities to showcase their capabilities and connect with buyers and markets worldwide, including in developed economies.
The Minister added that the 45th edition of IITF had moved beyond incremental improvements, marking a significant step towards the vision of Viksit Bharat 2047.