Saturday, August 13th, 2022 23:44:36

Union Minister Piyush Goyal asks Indian project exporters to explore markets in developed world

Updated: May 6, 2022 12:47 pm

Commerce and Industry Minister Piyush Goyal has asked Indian project exporters to diversify and foray into markets of the developed world. He urged them not to restrict themselves to Government Line of Credit Projects and projects in the developing world.

Mr. Goyal said this while delivering the keynote address at the Summit on Enhancing Global Opportunities for Indian Project Exporters organized by the Exim Bank in New Delhi yesterday.

He said the developed countries may very well offer advantages of low risk and lower capital requirement with higher credit rating of projects which will enable companies for higher credit limits.

He outlined the challenges that the global economy has been facing since the start of 2022 including the Omicron wave, global supply chain disruptions, global financial market volatility and geopolitical tensions and observed that it was in this context that this summit was both timely and important.

Observing that several heads of governments and Ministers have chosen India as their first destination post-Covid, the Minister said that it signalled the tremendous interest that the Indian story has generated in the world.

Mr. Goyal congratulated all the stakeholders for the blockbuster export performance of nearly 675 billion dollar in 2021-22 and the record-breaking services export of nearly 254 billion dollar, even with a pandemic induced slow down in travel and hospitality.

Setting a target of one trillion dollar worth of goods and services export each by 2030, the Minister said that the target could be achieved only with the whole-hearted participation of every single stakeholder.

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