World witnessing recession but India’s a bright spot: Commerce and industry minister Goyal | India News – Times of India

NEW DELHI: Commerce and industry minister Piyush Goyal on Thursday said that global slowdown and the recession in some developed countries will adversely impact India’s exports but drew comfort from rising earnings from services as well an increase in farm goods shipments.

Addressing the Times Now Summit, Goyal also played down concerns over a rising trade deficit, saying it was driven by a surge in oil imports in the wake of soaring global prices. Besides, he said, a large part of India’s imports were accounted for by raw material and inputs along with capital goods, which all fed domestic manufacturing.

While maintaining that the current geopolitical uncertainty cannot be looked over, he said India remained a bright spot, something that the worldwas recognising. “In light of global recession, and at a time when big economies are afraid, India’s 7% growth is a positive sign,” Goyal said.

Asked about high inflation, he said, “India’s reality is that when other countries are struggling with 8-10% inflation, India is witnessing lower inflation and it is almost half of the inflation it once witnessed,” adding that despite Covid-19 and the Russia-Ukraine war, India has maintained a fair balance between inflation and interest rates. The minister, who is leading the negotiations on free trade agreements, said the trade pact with the UK was work in progress. “No free trade deal is signed in a hurry and as per set timelines. Sometimes negotiations drag on, both sides try to protect their interests, such agreements are signed for the next several decades. . . Nobody will choose speed over quality, including India,” he said.

Export of goods from India fell 16. 6% to $29. 8 billion in October, while services exports rose 40% to $28. 6 billion.

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