'Exports In First Quarter Of FY25 In Positive Territory, Fast Growth In Services Sector': Commerce Minister Piyush Goyal

India's exports continue to grow positively with the contribution of the services sector, Union Commerce and Industry Minister Piyush Goyal told PTI.

"In May, exports were positive, the figure for June is also positive. The first quarter is also in the positive territory," Goyal said as the ministry is set to release data today (15 July).

The Minister said that our exports are in a positive zone despite the ongoing two wars (Russia-Ukraine and Israel-Hamas), the Red Sea crisis, and container shortage issues.

"One more advantage that we have is the fast-paced growth in the services exports," Goyal said adding that the Digital India mission has helped the services sector.

"The roll-out of 4G and 5G in the country too is helping the services exports of India," the Minister added as he expects India's exports to cross $800 billion this fiscal.

In the last fiscal, India's exports were worth $778.2 billion with goods contributing $437.1 billion and services $341 billion.

Goyal expects foreign direct investments (FDI) inflows to increase when the international recessionary conditions improve and interest rates in the US and Europe come down.

However, he asserted that despite this situation, India is continuously receiving FDI. He added that foreign portfolio investments (FPIs) are infusing funds into India.

In June, Indian equities witnessed an FPI infusion of Rs 26,565 crore as Narendra Modi returned to power and markets set new records.