IANS New Delhi

Union Commerce and Industry Minister Piyush Goyal on Monday said that with record export figures and multiple free trade agreements (FTAs), India is charting a new road to economic prosperity. Supported by a robust digital ecosystem, processes are being streamlined and made quick and more transparent, the minister said in a post on X social media platform.

"Development of state-of-the-art futuristic infrastructure has been another highlight. The focus is squarely on empowering businesses and attracting greater investments," Goyal noted. According to the minister, enhancing stakeholder consultations, reducing compliance burden and improving 'Ease of Doing Business' have resulted in empowerment of small businesses, increased investor confidence and a more competitive trade environment.

India's total exports of merchandise and services for May this year are estimated at $71.12 billion, which represents a growth of 2.77 percent over the same month of the previous year, despite the rising geopolitical tensions and trade war triggered by the hike in US tariffs.

The top 5 export destinations for India exhibiting positive growth in May this year are the US (16.93 per cent), China (25.04 per cent), Australia (35.36 per cent), Russia (48.11 per cent), and Germany (17.05 per cent), according to the Commerce Ministry data. The minister said that Vanijya Bhawan has been envisioned as a modern, efficient, integrated and dedicated hub for India's fast-growing commerce and industry ecosystem.