Goyal predicts that exports will grow at a reasonable rate in 2022-23.

Despite global trade uncertainties, the country's exports are expected to grow at a "reasonable rate" in the current fiscal year, according to Commerce and Industry Minister Piyush Goyal. Clearly, there are signs of a global slowdown in international trade, and India is keeping a "vigilant" eye on developments by speaking with all export promotion councils and large exporters, as well as engaging with Indian missions around the world, he said.

In the current global situation, "our exports will stand on the basis of price competitiveness and quality…We will calibrate the expectations of exports based on the ground reality," the minister told PTI.

When asked if figures like USD 450 billion or USD 500 billion in goods exports in 2022-23 appear ambitious in this situation, he said the ministry has not yet reached a final figure or an export target for the current year and is in discussions with all stakeholders on that.

"The whole world is facing severe challenges, Covid is not yet over…There is a geopolitical situation, which is not conducive, inflation worldwide is (a matter) of concern, petroleum products are still at high prices, food security concerns also are before us, and fertilizer shortages in many parts of the world are reported. In these challenging times, the fact that India prepared itself structurally and strengthened our basic readiness and capability to expand exports….Therefore a reasonable level of growth from last year can still be expected," Goyal said.