India’s goods exports to stand at $290 bn in FY21: Piyush Goyal

India’s good exports will stand at $290 billion for the financial year 2021 ending March, 7% short of the shipments in the previous fiscal, says Union Minister Piyush Goyal. He believes this is great considering the country has bounced back so quickly in  a challenging year.

“As against about $313 billion of good exports last year, we will end the year with almost 93% of that, $290 billion,” Goyal highlighted at the Times Network Economic Conclave.

In regards to investments by foreign firms, the minister disclosed that Apple and Samsung have invested on a large scale in the country and expanded their facilities. “I believe they are looking at India as their prime production base to meet the needs of the world.”

Goyal said it will be a record year in terms of FDI inflows for India, despite the pandemic and the fact that all international statistics suggest that foreign investments across the world are going to significantly fall in the current months. Observing that India was amongst the “rare countries” which saw FDI growth in 2020, he said has absolutely no doubt it will be a record FDI.

In regards to India’s relations with neighbours Bangladesh and China, the minister pointed out that India has been working relentlessly to build strong relations with all its neighbours. Goyal said India’s ability to add more value to the products and services has helped it expand trade ties with countries like Bangladesh. “I have confidence that going forward, we will be in a position to overtake China in their engagement with Bangladesh. We are working with that single-minded purpose and our industry has the ability,” he said. “We in government are also proposing several initiatives, some of which should be discussed during PM Modi’s visit to Bangladesh.”

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Goyal also highlighted that India does not hold a grudge against any country for its engagement with anybody else and focuses only on what it can do with that country better.