Commerce Minister warns exporters, the time ahead is challenging and difficult; need to find new markets

Commerce and Industry Minister Piyush Goyal told exporters at a program of the Federation of Indian Export Organizations (FIEO) that the upcoming Russia-Ukraine war is going to be very challenging and difficult. Therefore, along with finding new markets, we also have to find business opportunities there.
It has become clear from Goyal's statement that the current financial year 2023-24 is not going to be better in terms of commodity exports. That's why no export target has been fixed by the Department of Commerce for the current financial year. In the last financial year 2022-23, commodity exports stood at $ 447 billion, which is about six per cent more than the previous financial year 2021-22.
An official of the Ministry of Commerce had said on the condition of anonymity that it is not looking easy to take the goods exports even to $ 447 billion in the last financial year in the current financial year. In the financial year 2022-23, goods and services including $ 773 billion were exported, which is about 22 per cent of Indian GDP. In such a situation, the GDP growth rate can also be affected due to the impact of exports.
India exports 17.50 per cent of its total merchandise exports to America, which seems to be in the grip of a recession. Inflation is at its peak in America and to stop it, the US Federal Bank has again increased the interest rates there by 25 basis points on Wednesday night.
The economic condition of Europe is also not going well and after the Russia-Ukraine war, most of the countries of Europe are facing gas and food crises due to which the industrial production has decreased along with rising inflation there. This is the reason why exports of engineering goods, which account for more than 20 per cent of Indian goods exports, registered a decline in the last financial year.
According to the exporters, looking at the orders for the next two-three months, the situation of exports is not looking good at present, but there is full scope to increase exports even in these difficult times by looking for new markets because India's share in global exports has doubled. It is around 100 per cent. India only has to start trying to increase its share.