According to Commerce and Industry Minister Piyush Goyal, India’s exports are on track to reach a record USD 800 billion in the 2024-25 fiscal year.

Piyush Goyal clarified to Congress leader Rajeev Shukla that claims of declining exports are “not entirely accurate.”

He assured us that the forex reserves had remained above USD 600 billion for several months.

The minister highlighted that certain imports, like petroleum products, coking coal, pulses, and edible oils, are “unavoidable” due to domestic shortages.

Rising imports indicate increased domestic consumption, a positive sign for the economy.

Goyal explained that higher imports attract industries to set up production units, creating jobs and boosting investments.

The 2025-26 Budget has supported consumption spending by providing tax relief to the middle class.

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