NEW DELHI: Commerce and industry minister Piyush Goyal on Sunday said India’s economy was witnessing a bounce-back in every sphere, and the country is well on track to achieve historical highs in goods and services exports. Goyal said India is on course to achieve $400 billion of merchandise exports in the current financial year. “Also, on the services (exports) side, we are well on track to go up to a $150 billion. So, collectively we are on track for historic goods and services exports,” he said. Inaugurating the India International Trade Fair (IITF), Goyal said the country witnessed the “highest ever” FDI inflow of $27 billion in the first four months this fiscal, a 62% jump over the year-ago period. Asserting that the world takes India as a trusted global partner in maintaining global supply chains, Goyal said despite the lockdown, India did not default on any service support to the global community. He said 500 crore vaccine doses will be produced next year and 5 or 6 vaccines will be made in India, including the world’s first nasal vaccine and first DNA vaccine. “India will provide vaccine security and make the world a safer place. India will ensure that every part of the world gets equitable vaccine to get safe,” Goyal said. The minister said India can become the world’s hub of industry and services. The Indian industry can soar to new heights on quality, competitiveness and economies of scale. IITF will help realise the goal of ‘Local goes Global’ and ‘Make in India for the World’, he said. He also observed that the India Exhibition and Convention Center being developed at Pragati Maidan will be among the best in the world and will attract a lot of attention, and huge trade fairs coming up in the years to come. Referring to GST collections for October at Rs 1.3 lakh crore, he said this truly shows how quickly the economy is coming back towards normalcy. Every statistic — whether it is registration of employment, EPFO or ESIC — are suggestive of rapid economic growth, the minister said. “Moody’s recently upgraded India’s sovereign rating from negative to stable again, recognising the good work that has happened,” Goyal said. Merchandise exports in April-October 2021 stood at $232 billion.

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