Strong Currency Reflects Strength Of Nation, Will Always Be Good For Exports: Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal on Monday (7 March) opined that a strong currency reflects the strength of the nation and would always be good for exports.

“I personally am not of the old school of thought (or) one section of Industry or society or exporters which believe that a weak Rupee or a weak currency supports exports. I believe a strong currency reflects the strength of a nation and will always be good for exports, because India, at the end of the day, is a net importer of Goods. A strong currency supports the Indian economy,” Goyal said while delivering the keynote address to the ASSOCHAM Annual Session on “The great Reset: Reinforcing India’s Global Positioning”.

The minister also said that India’s exports share in GDP should rise to at least 20 per cent.

Goyal said he is hopeful India’s exports will touch $410 Billion in the current Financial Year.

“I am delighted that we are at $374 billion until February, 2022, i.e. 11 months of this (financial) year. So I do believe that irrespective of problems that we have in the northern parts of Asia-Europe, we are well on track not only to achieve 400 ($400 billion), I am hoping closer to 410 (410 billion),” he said.