Mumbai: India opens up huge opportunities to business for expansion, says Piyush Goyal

Despite criticism from opposition parties, the Union Minister of Commerce Piyush Goyal said India was showing rapid recovery in terms of tax collections, industrial output, consumer demand while the thrust on Capex opens up huge opportunities for businesses to expand and look at new business avenues.

‘’The Budget 2022-23, there are no new taxes, no new revenue generation measures. The government has forecast conservative revenue estimates. We don't over-commit while ensuring the needs of every department's expenditure,’’ he added.

In his address at the interactive session with the industry representatives here on Saturday, Goyal said Budget 2022 has provided sufficient funding so that economic growth continues to be above 8% in the next year and hopes to see at least two decades of growth, ensuring prosperity can flow to everyone.

Detailing the focus on PM Gati Shakti National Master Plan in the Budget, Goyal said that the Plan will help us plan infrastructure projects more intelligently, and also reduce logistics costs. ‘’India did not let down a single international obligation even during the COVID19 period. Thanks to Digital India and the thrust given for broadband expansion, we were able to continue to provide services to any part of the world,” he noted.

The Minister exhorted the merchandise sector and services sector to go for a race to the top. The merchandise exports target which stands at $ 400 billion and service exports which stands at $ 240 billion should each aim to reach $ 1 trillion, he said.

Goyal said that India has achieved $ 336 billion of exports on January 31, thanks to 10 months of continuous $ 30 billion-plus exports.

While interacting with the representatives of the Gems and Jewellery industry, Goyal said that Jewellers’ registration has been made a lifetime.