The country’s exports crossed the $400 billion mark in the current financial year due to better performance in sectors like petroleum products, engineering, gems and jewelery and chemicals. For the first time in a financial year, the export figure has crossed $ 400 billion. Prime Minister Narendra Modi lauded achieving the target of export of goods, saying that it is a milestone in the journey of ‘Self-reliant India’.
According to data released on Wednesday by the Ministry of Commerce, exports of goods grew by 37 percent to $ 400.8 billion in 2021-22 by March 21. Earlier it was $292 billion in the financial year 2020-21. Earlier, the export record in 2018-19 stood at $330.07 billion. Imports in the current financial year stood at $589 billion. Due to this the trade deficit has reached about 189 billion dollars. The record target for export of goods has been achieved nine days before the end of the financial year ending March 31.
The Prime Minister wrote on Twitter, ‘India had set a target of exporting goods worth 400 billion dollars. It has been achieved. For the first time such a high target has been achieved. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success. This is a milestone in the journey of self-reliant India.
Talking to the media, Commerce and Industry Minister Piyush Goyal said that India has achieved this remarkable goal despite all kinds of adverse conditions including the COVID-19 epidemic, Russia-Ukraine war. Goyal told reporters that for the first time in history, India achieved the target of exporting goods of 400 billion dollars. If it was a film like ‘The Kashmir Files’, it would have been called a ‘Make in India blockbuster’. On an average, about $33 billion was exported every month. On a daily basis, it was more than a billion dollars.
Sectors such as petroleum products, engineering, gems and jewellery, chemicals and pharmaceuticals contributed significantly in achieving this export target. The five major export destinations are the US, the United Arab Emirates, China, Bangladesh and the Netherlands.
Director General of Foreign Trade Santosh Kumar Sarangi said that if this trend continues, we will add another 10 to 12 billion dollars in the remaining nine days. With this, exports will exceed $ 410 billion in 2021-22. Federation of Indian Export Organizations (FIEO) Director General Ajay Sahai said crossing $400 billion is a remarkable achievement as exporters have made more than $110 billion in a year despite container shortage, rising freight costs and liquidity challenges. increased more.
FIEO Vice President Khalid Khan termed the achievement as ‘historic’ and said that the exports performed well despite the COVID-19 pandemic. ‘Very well done.’ Textile Export Promotion Council (AEPC) Chairman Narendra Goenka said India is ushering in an era of rapid growth and dominance in world trade, crossing USD 400 billion in trade exports.