India’s exports may touch record $800 bn this year: Piyush Goyal

India’s exports are growing significantly and would achieve a record USD 800 billion in 2024-25 fiscal year, Commerce and Industry Minister Piyush Goyal said on Friday. “Exports have been growing and have risen significantly in the last four years. This year also, there will be growth. We will end the year with over USD 800 billion exports for the very first time in India’s history,” Goyal said during Question Hour in the Rajya Sabha.

He told Congress leader Rajeev Shukla that it is “not entirely accurate” that India’s exports are declining.

Goyal told him not to worry about falling forex reserves as they have consistently been above USD 600 billion for many months.

The minister, however, informed the Upper House that certain imports — petroleum products, coking coal, pulses and edibles oils — are “unavoidable” due to domestic shortages and high demand.

The growth in imports, which is a good sign for the economy, is due to a rise in domestic consumption.

“It will take some years to come and establish and set up production units. During that period, obviously, imports will go up,” he said. When imports rise in a particular sector, industries are attracted to that sector. That will lead to growing jobs and greater investment, he explained.

The 2025-26 Budget has also given a boost to consumption spending by providing tax relief to the middle class.