India’s overall exports have crossed an all-time high of $750 billion, Union Minister of Commerce Piyush Goyal said on Tuesday. The country’s exports have risen from $500 billion in 2020-2021 to this figure in extremely challenging times, he said, referring to adverse economic conditions globally due to a combination of factors including high inflation and war in Ukraine.
India’s Services exports for the first time achieved the targeted USD 250 Billion during April-March 2021-22, exhibiting a positive growth of 21.31 per cent over fiscal 2020-21.For the month of March 2022, the estimated value of Services export is USD 22.52 Billion, exhibiting a positive growth of 8.31 per cent vis-a-vis March 2021.
India’s overall exports (Merchandise and Services) touched an all-time high of USD 669.65 Billion in April-March 2021-22, jumping by 34.50 per cent over the same period last year. For the last month, March 2022, India’s exports grew by 15.51 per cent in March 2022 to USD 64.75 Billion over the same period last year. Addressing a press conference here today, the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said India has achieved this exports high despite the slowdown in the economy worldwide due to the Covid-19 pandemic and the recent geopolitical developments in Europe. “Services sector has achieved the all-time high despite Services like Tourism, Aviation and Hospitality industry being severely affected due to the COVID-19 pandemic,” he said.
In 2021-22, the country’s goods and services exports touched an all-time high of $422 billion and $254 billion respectively, taking the total shipments to $676 billion. India signed the trade deal with UAE last year in March. As per a statement issued then, India will benefit from preferential market access provided by the UAE on over 97 per cent of its tariff lines which account for 99 per cent of Indian exports to the UAE in value terms. Imports also declined by 8.21 per cent to $51.31 billion as against $55.9 billion recorded in the corresponding month last year. The country’s trade deficit in February stood at $17.43 billion.
The government has taken measures to boost exports and reduce the overall trade deficit and that includes extension of existing foreign trade policy till March 31, 2023; extension of interest subsidy scheme on pre and post shipment rupee export credit up to March 31, 2024; and rollout of Remission of Duties and Taxes on Exported Products (RoDTEP) scheme since January 2021.
Rollout of the production-linked incentive scheme, announcement of logistics policy and PM Gati Shakti initiative for integrated development of infrastructure too would help in promoting exports.