India's exports increased despite recession, registering lowest inflation, says Piyush Goyal

India's exports increased to $776 billion from $500 billion two years ago, and this spectacular growth was achieved notwithstanding the recession, the Russia-Ukraine war, and the difficult pandemic times, Union Commerce and Industry Minister Piyush Goyal said on Thursday.

This remarkable achievement in two years was due to the efforts of Prime Minister Narendra Modi, who felt that both the Centre and state governments should collectively work in the spirit of cooperative federalism for the better future of all the citizens, he said while addressing the Confederation of Indian Textile Industry (CITI's) 11th Asian Textile Conference, here.

"Last year was a difficult period. Everybody felt that exports could not be sustained. But after growing from $500 billion to $675 billion in 2021-22, our exports rose to $776 billion from 675 in 2022-23," he said and added that this was a record achievement registered in two years' time.

"The Covid has not yet gone and despite the Russia-Ukraine war, India was the fastest growing economy, the fifth largest in terms of the size of GDP. The country was able to maintain the lowest inflation," he said.

Later, speaking to reporters, the Minister said the world was going through challenging times with the US, Europe and all other developed nations facing depression and recession.

"Even China has seen a fall in their economic activity. In this situation, I am very proud that our textile industry continues to hold firm and continues to do good work. I have no doubt in my mind that in the future also we will regain the lost glory of India, the lost glory of textile sector of India and Tamil Nadu will be in the forefront of it," Goyal said.

On a visit to Coimbatore, the Union Minister inaugurated the renovated Southern India Mills' Association (SIMA) building and unveiled a bust of its founder R K Shanmukham Chetty. "With 90 glorious years of SIMA, urged stakeholders to strengthen India's position on the global textiles map," he said in a post on social media platform X.