In a recent address to the Lok Sabha, Union Commerce and Industry Minister Piyush Goyal praised India’s resilience in global trade, emphasizing that exports of goods and services remained stable despite the ongoing conflict in West Asia. Goyal stated that while challenges persist, particularly in regions like the Strait of Hormuz, the country’s trade figures for February showed no decline. He noted that positive growth began to materialize again in the second week of March, signaling a robust recovery in the export sector.

Assurance of Continued Growth in Exports

Goyal expressed optimism regarding India’s export trajectory, projecting confidence that the country will sustain its export levels by the end of the month. He addressed concerns over rising freight costs and shipping barriers, indicating that despite such adversities, trade activity remained stable. The minister highlighted that the services sector has shown marked improvement, further bolstering the overall export landscape.

Comprehensive Overview of India’s Export Strength

The Union Minister pointed out India’s comprehensive export growth, urging stakeholders to view the bigger picture rather than focusing solely on one dimension of trade. With an assertion that the trade deficit has remained at 1-1.25% of GDP, Goyal contrasted the present situation with four years ago when the country had a trade surplus. His remarks underscore a significant expansion in the services sector, which has developed rapidly in recent years.

Building Economic Partnerships and Free Trade Agreements

Goyal emphasized that major global economic powers are eager to cultivate trade relationships with India. He referenced several Free Trade Agreements (FTAs) that the country has signed with various nations, predicting that their implementation will unlock numerous opportunities for Indian farmers, small business owners, and entrepreneurs. He described this period as the dawning of a new trade era for India on the global stage.

Updates on Shipping through the Strait of Hormuz

In light of the regional conflict that has affected shipping routes, including a notable closure of the Strait of Hormuz, Iran’s Supreme Leader’s representative in India, Abdul Majid Hakeem Ilahi, confirmed that Indian vessels would still be permitted to transit through this vital waterway. This affirmation reflects Iran’s awareness of India’s energy requirements, particularly amid current international concerns.

Recent Deliveries of Liquefied Petroleum Gas

In a demonstration of successful navigation through the Strait of Hormuz, an Indian LPG carrier, Nanda Devi, recently arrived at Vadinar port in Gujarat, delivering 46,500 metric tonnes of LPG. Additionally, another vessel, LPG Shivalik, brought in 46,000 metric tonnes of liquefied petroleum gas to Mudra Port, with plans for partial unloading. Existing statistics show that there are currently 22 Indian-flagged vessels operating in the Persian Gulf, carrying a combined total of 611 seafarers.

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