STOCKHOLM: India’s goods and services exports during 2025-26 are expected to cross $900 billion despite the global economic uncertainties, Commerce and Industry Minister Piyush Goyal has said.
Despite uncertainties due to the Russia-Ukraine conflict, Israel-Hamas war and the Red Sea crisis, the country’s overall exports touched an all-time high of $825 billion in 2024-25 against $778 billion in 2023-24. “We have crossed $825 billion exports last year, we are surely to cross $900 billion this year in all this global turmoil,” he has said here while addressing the Indian business delegation last night.
The minister is here on an official visit to meet his Swedish counterpart and companies for promoting trade and investments between the two countries. Apex exporters’ body FIEO has projected that the country’s overall goods and services exports are expected to grow by over 21 per cent year-on-year to $1 trillion during 2025-26.
India is open to mutually beneficial arrangements on implementing norms related quality standards with its trusted trading partners, Piyush Goyal said.
He said India is implementing QCOs (quality control orders) to promote manufacturing of quality goods in the country. The rules, standards, and process are the same for domestic as well imported goods and India does not discriminate between domestic manufacturers and foreign suppliers, he said, adding that equal treatment is given to companies of all the countries.
“But certainly there could be room to find innovative solutions so that it becomes easier for trusted partners who are producing good quality products to get pathways by which such approvals can become simpler. “We are open to suggestions. We are in dialogue with several nations on a mutual benefit basis and a mutual recognition basis, if other nations are willing to respect the high quality goods that India makes and allow us to do our own certification process. We are happy to allow our trusted partners to do the same,” Goyal said.
However, he added that all such relationships will be based on mutual respect for each other’s regulations.
The US and the EU, among others, have raised issues pertaining to these QCOs. The EU has sought simpler certification processes under these orders. QCOs are designed to prevent the import of substandard goods and ensure consumer access to high-quality products. The number of products under QCO coverage has witnessed a significant jump from 106 in 2014 to over 732 products by October 2024.
The move aligns with India’s broader strategy to enhance domestic manufacturing standards while curbing the influx of low-quality imports.
Source: The Pioneer
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