India's Exports Rise Amid Global Challenges

India's export sector has demonstrated remarkable resilience, achieving a growth rate of 4-5% over the past six months, as announced by Union Minister of Commerce and Industry, Piyush Goyal. This positive development has emerged despite the ongoing turbulence in global markets, showcasing India's ability to adapt and thrive.

During his address at the Global Fintech Fest in Mumbai, Goyal highlighted that India's exports, encompassing both goods and services, have remained on a positive trajectory. In stark contrast, international trade growth has fallen below one percent, according to World Bank statistics.

Goyal emphasized the role of technology in driving inclusive growth, stating that today’s citizens are empowered with digital tools and skills. With over a billion internet users, India has made significant strides in digital connectivity, which is essential for economic growth.

He referred to trust as India's defining strength in the global market, asserting that it is the only currency that appreciates rather than depreciates. This foundation of trust is crucial as India strengthens its macroeconomic fundamentals and builds trade relations with developed countries.

India is also leading in renewable energy, with Goyal mentioning that 24-hour renewable energy is available for data centers and AI applications at under 9 cents per kilowatt. This clean and affordable energy source is expected to fuel modern technologies that will benefit the world.

Furthermore, Goyal noted the growing international acceptance of India’s Unified Payments Interface (UPI), which is gaining traction not just domestically but also in other countries. He recently launched UPI in Doha, Qatar, making it accessible to more users globally. Currently, nine countries are utilizing UPI, indicating India's growing influence in digital finance.

In summary, India's export growth amidst global challenges, coupled with advancements in technology and renewable energy, positions the country for a promising economic future. With a focus on empowering consumers and expanding international trade, India is on the cusp of remarkable achievements.