India’s share of exports has jumped: Minister

India’s share in global exports jumped from 0.5 per cent in 1990 to 1.7 per cent in 2018 to 2.1 per cent in 2022, Union Minister of State for Finance Dr Bhagwat Karad said addressing the inception meeting of the G20 Trade and Investment Working Group in Mumbai on Wednesday.

“India’s overall exports in April-December 2022 were estimated at $568.57 billion. This was owing to the pro-active and integrated development approach of the Indian government,” said Dr Karad.

The central minister told the delegates that the government has focussed on two key aspects for the growth of trade and investment, namely the creation of a robust financial network and an ecosystem-based approach to growth.

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The minister said that India’s G20 presidency is about setting the tone for encouraging trade and investment in keeping with the principles of broad-based growth.

“Many developing countries can benefit from initiatives such as UPI, ODOP and Aspirational District programs. Under these programs, Indian states promote trade through indigenous products, other countries may also promote unique products from their country,” he said.

The minister said that India’s message is to promote “growth with Identity” so that countries recognise that they have needs and specialities unique to them. This will help in preventing the concentration of credit amongst few and ensuring equitable distribution and promoting opportunities for everyone, said the Minister.

Dr Karad said that the government fostered the creation of a robust financial ecosystem with avenues for credit, savings, and investment growth for the public.

“The first major step in the direction was enabling access to banking services through the opening of bank accounts under the Jan Dhan Yojana. So far, around 47.8 crore accounts have been opened. Further, these banking accounts were linked to the transfer of benefits by the government through Direct Benefit Transfer (DBT). The accounts served as a crucial gateway for access to credit and investment for the citizens,” he said.