India's Goods Exports Rise By Rs 2 Lakh Crore Y-o-Y; Union Minister Sonowal Credits PM Gati Shakti Programme As The Driving Force

Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal highlighted the central government's efforts to modernise India's ports and associated infrastructure, while speaking at an event hosted by the Indian Merchants Chamber.

The minister stated that the PM Gati Shakti programme has led to a yearly rise of Rs 2 lakh crore in goods exports during the previous fiscal.

As a result of transformational initiatives, “in 2022-23 financial year India's Goods exports touched $447 billion, up from $422 billion a year earlier, which translates into a huge increase of more than Rs 2 lakh crore in a year,” Sonowal was quoted as saying in a statement. 

According to the minister, India has become a $3.5 trillion economy in less than nine years. 

As per Ministry of Commerce and Industry, India’s overall exports projected to scale new heights, growing at 13.84 per cent during FY 2022-23 over FY 2021-22 to achieve USD 770.18 billion worth of exports.

“This blistering speed of the growth is historic and the result of Gati Shakti,” he stated. 

The PM Gati Shakti National Master Plan (NMP) aims to enhance multi-modal connectivity, logistics efficiency, and address critical infrastructure gaps.

With multi-modal connectivity, the programme aims to integrate and connect various modes of transport for seamless movement of people, goods, and services.

It eases infrastructure connectivity and decreases travel time.

The Ministry of Ports, Shipping, and Waterways (MoPSW) has identified 101 projects worth Rs 62,227 crore for implementation by 2025 under PM Gati Shakti NMP.

Out of this, 26 projects worth Rs 8,897 crore are done, 42 projects worth Rs 15,343 crore are in progress, and 33 projects worth Rs 36,638 crore are being executed, as per ET Infra report.  

The minister stated that 14 projects valued at Rs 20,537 crore will be finished by December from the ongoing projects.

The ministry has further identified five impactful projects that embody the spirit of the Gati Shakti programme, as per his statement.

He also stated that the tonnage of Indian ships has increased to 13.7-million gross tonnage compared to only 10.3-million gross tonnage in 2014.