Union Commerce and Industry Minister Piyush Goyal said on Tuesday that India is entering a new phase in global trade, reflecting the country’s strong economic fundamentals and expanding international footprint. Speaking in the Lok Sabha, Goyal highlighted that India’s services exports continue to grow steadily, while merchandise exports have remained stable through February.

“While services exports continue to grow every month, merchandise exports have remained flat till February, which means they have not declined,” Goyal said. He acknowledged some weakness in exports during the first week of March but noted that shipments turned positive in the second week and are expected to stabilise by the end of the month.

The minister also spoke about India’s external sector, explaining that the current account deficit includes multiple components, such as the goods trade deficit and the services trade surplus. He emphasised that the significant services surplus helps offset the merchandise trade gap, reinforcing overall economic stability.

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Goyal highlighted strong remittance inflows and continued foreign direct investment (FDI) as additional factors underpinning India’s robust economic situation. “Overall, India’s economic situation and fundamentals are very strong. There is growing enthusiasm across the world to expand trade relations with India,” he said.

He further pointed to India’s growing engagement with developed nations, which has created new opportunities for exporters. Unlike earlier free trade agreements (FTAs) often signed with competing economies, the government is now pursuing more balanced trade deals designed to benefit Indian exporters, farmers, fishermen, and micro, small, and medium enterprises (MSMEs).

Referring to the proposed trade pact with the United Kingdom, Goyal said efforts are underway to operationalise it soon, possibly as early as next month. “As these agreements become operational, they will open new markets for Indian products and services, creating vast opportunities for exporters,” he said, underlining India’s strategic approach to boosting global trade.

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