Commerce and Industry Minister Piyush Goyal has said that India’s merchandise exports have recorded a 15 per cent growth so far in the current financial year, despite the ongoing Red Sea crisis and global economic uncertainties. He noted that merchandise exports grew by 15 per cent during the April–July period, underscoring the sector’s resilience in the face of mounting geopolitical tensions and disruptions to global trade routes.
Mr. Goyal said India’s export performance reflects the strength of the country’s economic fundamentals, even as businesses across the world continue to face uncertainty due to conflicts in West Asia and disruptions in key shipping corridors.
The Minister observed that the first quarter of the current financial year was marked by persistent global challenges, including volatility in crude oil, petrol, diesel and gas prices, uncertainty surrounding the Strait of Hormuz, and the continuing Red Sea crisis.
Highlighting the country’s broader economic performance, Mr. Goyal said India remained the world’s fastest-growing major economy, registering 7.7 per cent growth in the previous financial year despite a highly uncertain global environment.