Commerce Minister Piyush Goyal warned of a further global demand slowdown as pressure mounts on developed economies.
India's exports experienced a significant 22% contraction in June, the biggest decline in three years, amidst dwindling worldwide demand, notably in Western markets such as the US and Europe.
Speaking at an event, Goyal expressed concern over the prevailing economic recession and the strain faced by developed economies, which are burdened with excessive inventory, plummeting commodity prices, and tepid discretionary spending.
India's strength exports such as gems and jewellery, textiles, and leather goods, where India traditionally excels, are currently grappling with challenging circumstances.
Given the circumstances, Goyal emphasized the need for collective efforts to establish India as an irresistible force in the global arena. He urged stakeholders to unite and contribute towards making the "India story" the dominant narrative worldwide.
However, the commerce minister also highlighted that India's exports have gone from $500 billion to $776 billion, a 55% increase, in only two years and that the additional exports have added to jobs.