India's forex reserves comfortable for next 5-6 years: Piyush Goyal

NEW DELHI: Commerce and Industry Minister Piyush Goyal recently said that India is in a ‘comfortable’ position for the next five-six years in its foreign exchange position.

“In the worst case, with whatever difficultiesanybodymayhave,Indiais comfortable for the next five or six years, given (that) our forex reserves today will be able to meet our foreign exchange requirements,” Goyal said at the annual general meeting of the industrylobbygroupConfederationof IndianIndustry(CII).

During the week-ending May 12, India’sforexreservestouchedalmost $600billion.

Goyal further said many countries across the globe are keen on fasttracking the free trade agreement

(FTA) with India now. India is now not just talking but negotiating with Canada, European Free Trade Association (EFTA)--comprising four nations of Iceland, Switzerland, Norway, and Liechtenstein–United Kingdom,EuropeanUnionoverFTAs, an indication of increased importance ofIndiaintheglobalorder.

“So we will be an economy which will be reporting surpluses in the years to come. And these free trade agreements will only accelerate that process and will help us generate surpluses, help us keep a strong economy,” the minister said. However, FTAs are a two-way traffic.

“I feel very sad when I am being told sometimes that I (industry) want access to the EU market, but please do not allow them to come into our

market,”headded.

Goyal also said that the target of achieving $1 trillion export of goods and $1 trillion of services is modest and that the overall exports had been at$500billionforalmostadecadeand reached $676 billion only last year despite the disruptions in the global economy.

The overall exports was $776 billion in FY23, with $450 billion merchandise exports and $326 billion servicesexports.

He further said that the increased export basket will help India increase surplusesandreducedeficits.

He added that businesses should lookforreliablepartnersinthesupply chain, focus on comparative advantage, acquire technology and workinthespiritofcollaboration.