India's exports this year to be higher than 2024-25: Goyal
GST
Dated:- 4-9-2025
PTI
New Delhi, Sep 4 (PTI) India's exports during the current financial year would be higher than 2024-24, said Union Minister Piyush Goyal on Thursday, while asserting the government is working at a fast pace for diversification of outbound shipments.
The commerce and industry minister also said the industry has committed to pass on the benefits of the GST rate reduction to consumers.
“This has been a very special year for consumers,” he said while referring to the Income Tax benefits effected through the Union Budget and GST reforms announced on Wednesday evening.
Talking to reporters here, the minister said the reforms announced on the GST f
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
s exports crossed USD 820 billion in 2024-25, marking a nearly 6 per cent increase over the previous fiscal year despite global economic uncertainties. The exports stood at USD 778 billion in 2023-24.
When asked how GST rate cut would help exports, Goyal said it will help all sections of industry.
“Those exporters who have been affected by any action, by a third country, will also get a chance to try and capture bigger Indian market and continue their business uninterrupted. So I think it's a win win for all,” he said.
To a query regarding diversification of export markets in the wake of challenges posed by US tariffs, Goyal said the government is already making efforts to promote new markets and new products going out form India.
H
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
umer.
The ministry further said that the key takeaways from GST rationalisation for exporters include lower costs and global competitiveness; boost to MSMEs and export-oriented sectors; efficient supply chains and logistics; support for innovation and new products; and sustainable and structured growth.
“The rationalisation of GST is expected to lower input costs for MSMEs and exporters, reduce inflationary pressures on consumers, and correct structural anomalies such as inverted duty structures,” the ministry said.
Commerce Secretary Sunil Barthwal described rationalisation of GST rates as a decisive step in strengthening India's manufacturing base, empowering MSMEs, and enhancing the competitiveness of Indian goods in domestic and i
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =