New Delhi: India’s export sector has posted strong growth despite continuing geopolitical tensions in West Asia. Union Commerce and Industry Minister Piyush Goyal said on Wednesday that the country’s exports during the first three weeks of April recorded a significant increase compared to the same period last year.
Speaking to the media, Goyal said Indian exporters remain optimistic despite global uncertainties. He noted that fresh trade agreements coming into effect are opening new opportunities for Indian goods in international markets.
The minister said India is now moving ahead in global trade with greater confidence. Sectors such as automobiles, auto components, textiles, leather, footwear, agriculture, seafood and services are expected to benefit from expanding market access.
He added that preferential access under various trade agreements will ensure lower tariffs on Indian products compared to competing nations, giving a competitive advantage to domestic industries.
On maritime trade routes, Goyal said the Strait of Hormuz continues to remain a challenge, but Indian exporters are successfully using alternative routes to maintain trade flows.
Commenting on the India-US bilateral trade agreement, he said recent discussions between the two sides were positive and engagement would continue.
Earlier, the minister also described the India-New Zealand agreement as highly beneficial, saying it creates a broad framework for cooperation in education, technology, agriculture, sports, culture, intellectual property and traditional medicine. He said all eligible goods exported from India to New Zealand would now attract zero duty.
Goyal further stated that New Zealand is expected to invest USD 20 billion in India over the next 25 years. According to him, the investment will generate employment, strengthen industries and accelerate India’s long-term development goals.