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Indian merchandise export to touch $400 billion this fiscal: Piyush Goyal

Indian exports
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Indian merchandise export to touch an all-time high of $400 billion during the current financial year, driven by sharp uptick in shipments, Commerce and Industry Minister Piyush Goyal said on Tuesday.

As per a preliminary trade data, India’s merchandise exports in April-November 2021 were at $262.46 billion, an increase of 50.71 per cent over $174.15 billion in the same period of the previous financial year.

“Our exports have consistently crossed $30 billion for the last eight months. We are now at about $262 billion of exports versus $290 billion in the 12 months of last year. So, by the ninth month, we would have crossed last year’s export, and we hope to do a record export of $400 billion,” Goyal said.

While speaking at CII Partnership Summit 2021, Goyal also mentioned that a growth is also been observed in India’s imports, thus opening a plethora of opportunities for other countries to expand business and international trade with India.

Imports during April-November 2021, grew by 75.39 per cent to $384.44 billion.

“India on its part is showing sharp economic recovery and various indicators are pointing to a bounce back in our work in our industry, manufacturing sector, agriculture, technology and also shaping up of preparing a platform for a decade of huge growth,” Goyal added.

Referring to COVID-19, Goyal said India tried its best to meet all international commitments and supported countries through supply of vaccines, medical supplies, and masks, among others assuring that the nation will continue to support friendly nations.

“… During the COVID period, we have focused our attention on our neighbourhood region to ensure that all our friendly countries get adequate medical supplies,” the minister said.

Inviting investments from other countries to India he said, “India is shaping up for a decade of growth. I would like to invite the world to work with India in a spirit of partnership.”

Goyal suggested focusing on six areas to build a sustainable, inclusive and resilient ecosystem to further promote partnership with other countries. The six areas include trade agreements, investments, and promoting ease of doing business.

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