In the intricate tapestry of India’s economic landscape, the latest government survey serves as a brushstroke, delineating a transformation in consumer spending that beckons both curiosity and concern.
Bilateral trade of India with Africa grew by 9.26 per cent in 2022-23, reaching almost $100 billion, Commerce Minister Piyush Goyal said while addressing the CII-EXIM Bank conclave on “India-Africa Partnership”.
Goyal expressed confidence in achieving the goal of doubling bilateral trade to $200 billion by 2030.
“Blessed with demographic dividend, India-Africa partnership can drive the global progress in this century,” the minister said further.
Goyal said that the exports and imports were approximately balanced with exports being $51.2 billion and imports being $46.65 billion in 2022-23.
The minister said that 27 least developed countries of Africa benefit from the duty-free tariff preference on non-reciprocal basis already and free trade agreements (FTAs), and comprehensive economic partnership agreement (CEPA) can be explored with other African countries as well.