The goal for exports for 2021-22 was met on March 22, nine days early, Prime Minister Narendra Modi said.
India set an ambitious target of $400 Billion of goods exports & achieves this target for the first time. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success, tweeted PM Modi.
https://twitter.com/narendramodi/status/1506474220209184769?s=20&t=MIVtVQp2_ISoyryLESAeUw
The tweet mentions that the 2021-22 export goal was met on March 22, nine days early. It is a significant milestone in our Aatmanirbhar Bharat journey #LocalGoesGlobal.
According to the tweet, an average of $46 million worth of exports were made per hour during the current fiscal year.
India has reached a record-breaking USD 400 billion in goods exports today, thanks to the competent and firm leadership of Hon’ble PM Shri @NarendraModi Ji, Federation of Indian Export Organizations on Twitter.
Thrilled to address media on India breaching the $400 billion goods exports in a single year. It was a result of meticulous planning with PM @NarendraModi Ji leading from the front & all stakeholders responding in unison, Commerce and Industry Minister Piyush Goyal tweeted.
https://twitter.com/PiyushGoyal/status/1506670731781844998?s=20&t=uRs0CUWM5OI5qvMh_oO0oA
Atmanirbhar Bharat demonstrates record-breaking performance. #LocalGoesGlobal, the textiles ministry tweeted.
PM also suggested effectively involving export promotion councils, the government’s strategy at state and district levels. Also, tighter involvement with exporters and speedier problem resolution.
Amount of Exports Increase
India’s product exports in April 2021-February 2022 totaled $374.05 billion, a 45.80 percent increase over $256.55 billion in April 2020-February 2021. And a 28.16 percent increase over $291.87 billion in April 2019-February 2020.
The country’s product imports in April 2021-February 2022 totaled $550.12 billion, a 59.21% increase over $345.54 billion in April 2020-February 2021. And a 24.11% increase over $443.24 billion in April 2019-February 2020.
In April-February 2022, the trade deficit was $176.07 billion.
Non-petroleum exports were $319.09 billion in April 2021-February 2022, up 36.16 percent from $234.36 billion in April 2020-February 2021 and 26.07 percent from $253.10 billion in April 2019-February 2020.
Non-oil imports were $408.63 billion in April 2021-February 2022, up 49.61 percent from $273.12 billion in April 2020-February 2021 and 26.61 percent from $322.74 billion in April 2019-February 2020.
Merchandise exports reached $33.81 billion in February 2022, up 22.36 percent from $27.63 billion in February 2021 and 21.88 percent from $27.74 billion in February 2020.
Imports of products reached $55.01 billion in February 2022, up 34.99 percent from $40.75 billion in February 2021 and 45.12 percent from $37.90 billion in February 2020.
What does meeting the $400 billion goal show?
- Unrealistic goals may be achieved with Team India’s enthusiasm.
- The advantages of fair and reciprocal trade.
- The world trusts Indian brands.
- India’s improving industrial competitiveness and quality awareness
- Ease of Doing Business has improved.
- Large-scale employment creation
- The accomplishment of “Vocal for Local” and “Aatmanirbhar Bharat”
Published By: Manan Khurana
Edited By: Subbuthai Padma
