Piyush Goyal predicts India will export a record $750 billion in FY23.

India's exports of goods and services may reach $750 billion in the year ending March 31 despite global headwinds, surpassing record exports in 2021–2022, according to commerce minister Piyush Goyal, who emphasized the government's focus on promoting international trade through Indian diplomatic missions.

"Last year set a record. We export more than $650 billion in goods and services. We want to set an even bigger record this year," the minister declared on Saturday at the Raisina Dialogue 2023. India exported $676 billion in 2021–2022 alone.

Notwithstanding global headwinds, Goyal expressed confidence in India's strong export performance in 2022–2023: "First of all, numbers available up to February 28 give me that confidence. Of course, we have already surpassed last year's total and are on track. Hopefully, we will surpass $750 billion, he said.

According to the commerce minister, careful planning made it feasible to reach the aim of $750 billion in exports. "It was a plan-driven endeavor. It wasn't like it just happened by itself. Once more, a highly in-depth review of our areas of strength was conducted, including the markets and items we might consider for growing our exports. He said that tremendous efforts are being made at the district level to involve states, individuals, and enterprises.

About three years ago, the Prime Minister oversaw the beginning of the entire exercise. He said that much laborious work went into establishing goals and enlisting the support of all 180 or so missions. Thus, today, finally, in response to years and years of requests from the Indian sector, our missions are involved in trade, technology, and tourism.

When I worked in a private company, we used to envy other foreign businesspeople whose ambassadors and missions were joyously and happily assisting their enterprise through its ups and downs of challenges. In contrast, Indian missions considered that it was not their role. They were too afraid even to offer a hand or provide assistance. We adjusted that. The missions engaged in this entire exercise are now available to us. And I must commend the Prime Minister for his vision in this regard," he remarked, praising the leadership of the Foreign Minister, S. Jaishankar.

Exports of $750 billion in 2022–23 would be a significant accomplishment given that India's exports of goods fell for the second consecutive month in January. On an annualized basis, it decreased by 6.6% to $32.91 billion. Nonetheless, services exports increased by roughly 49% to $32.24 billion.

According to a statement from the commerce ministry issued on February 15, India's exports between April of last year and January are expected to demonstrate a positive growth of 17.33% over the same period in the prior fiscal year. According to official figures, exports of products and services exceeded $641 billion between April 2022 and January 2023.