India’s export has crossed the $400 billion target mark. This is the first time ever that India crosses that mark and that too before 31st March 2022. PM Modi congratulated on achieving the target and he congratulated farmers, weavers, MSMEs, manufacturers, exporters for the success. He also said that this is a milestone in our Aatmanirbhar Bharat Journey, #localgoesglobal
India’s Export Potential :
The recent development shows that India has a tremendous potential in export department, which increased by 37% during April-March 22, 2021 – 22 against 292 ISD billion in April-March 2020 – 21.
On average, India exported goods valued at USD 33 billion every month and approximately USD 1 billion worth of goods every day. The major sectors which helped in achieving the success include Petroleum products, Electronic goods, leather, Coffee, Engineering Goods, textile or garments, meat, dairy products, marine products and tobacco.
On this achievement, the director-general of the Federation of Indian Export Organisations (FIEO) Ajay Sahai said, “Even though there was a huge shortage of logistics, we managed to add USD 110 billion in a year. The shortage in logistics was a huge challenge especially due to the pandemic. This included container shortage, transportation difficulties, lockdown restrains in different states and liquidity constraints.”
Sahai also added, “What is more important is to build on it, as we will benefit from new free trade agreements and PLI scheme backing us.” Along with this, the FIEO vice-president Khalid Khan termed the achievement as “landmark” as the country performed under the effect of the pandemic.
The Union commerce and industry minister Piyush Goyal in Lok Sabha said, “For the 10th month in a row, India has also posted over $30 billion of exports. It is a record, we have already crossed $334 billion of exports which is more than the highest ever that India has done in a full 12 months period. We are well on track to achieve $400 billion of exports.”