Follow real-time updates on Union Budget 2023Catch exclusive videos on Union Budget 2023 from CNBC-TV18
On the impact of Russia-Ukraine war, the minister said India's total trade with these two countries are "very" large. India's exports to these countries would be in the range of about $2.5-3 billion while imports are in the range of about $10-11 billion.
Commerce and Industry Minister Piyush Goyal on Wednesday said services exports touched an all-time high of around $250 billion (about Rs 19 lakh crore) in 2021-22. The previous highest level was $213 billion (about Rs 16 lakh crore) in 2019-20.
Recommended ArticlesView All
World Cancer Day 2023: Early detection is crucial for reducing the global burden
Feb 4, 2023 IST5 Min(s) Read
World Cancer Day 2023: A way forward to better management of cancer this year!
Feb 4, 2023 IST6 Min(s) Read
Pakistan economy at alarming level as foreign reserves drop to $3.1 billion from $16.6 billion in a year
Feb 3, 2023 IST3 Min(s) Read
FM Nirmala Sitharaman speaks on inflation, taxes, GDP and more. Read the full interview here
Feb 3, 2023 IST37 Min(s) Read
"We have achieved the $250 billion target despite the fact that sectors like tourism and travel were hit by the COVID pandemic... These are the highest ever services exports," he said at a briefing. However, this is provisional data and the figure may increase once the final data is released, he added.
Further, Goyal said the services basket is now increasing and "from low cost services, we are moving up the value chain". When asked about the exports target for the current fiscal for both goods and services, he said officials are already engaging with the stakeholders.
"From Friday, I am starting a round of talks with export promotion councils," he said, adding that the prime minister would also take feedback and then "we will set the target". However, these are challenging times because of the pandemic and the ongoing conflict, he noted.
Double Delight! 🇮🇳After the historic achievement of $420 bn Goods exports, India achieves yet another feather in its cap by accomplishing services exports worth almost $250 bn for 2021-22. 🎯This shows the commitment of Govt. led by PM @NarendraModi ji for #LocalGoesGlobal. pic.twitter.com/GQmWx2HNoP— Piyush Goyal (@PiyushGoyal) April 13, 2022
On the impact of Russia-Ukraine war, he said India's total trade with these two countries are "very" large. India's exports to these countries would be in the range of about $2.5-3 billion while imports are in the range of about $10-11 billion.
"There are few sectors which may get impacted" but increasing engagement with countries like Australia, and the UAE would help in boosting trade," the minister said. Ukraine is the world's biggest sunflower oil producer and India imports almost all of its sunflower oil from there. Sunflower oil is India's second biggest imported edible oil after palm oil.
Goyal said that India was a major player in this segment and "now again we are discussing with the farmer associations and the states to see how we can boost oil seed production in the country". India can look for alternative sources of supply to meet any short term disruption in supply, he added.
When asked about rising inflation, Goyal said the food grain situation is comfortable and the likely good monsoon would further increase the supplies. He said that the whole world has been impacted by the Russia-Ukraine conflict and the effort of the government would be to become Aatmanirbhar in more areas.
Regardingn rupee-ruble trade with Russia, Commerce Secretary BVR Subrahmanyam said that "no official talks are going on for this". Instead, the government is trying to facilitate payments for the exports already made to Russia from banks which are not covered by sanctions, he added.