India recently outperformed other major economies by exporting $420 billion in the fiscal year April-February 2022. India’s exports have increased by up to 24%. India had aimed for a $30 billion export by December 2021 and ended up successfully with a $39 billion export last year. India’s exports now reaching a new height than never before.
Rise in Trade
The supply chain was disrupted as a result of the pandemic. Many companies and sectors had gained a serious impact and were in a need to bounce back quickly. The Indian government has supported the concerned sector by boosting productivity and cutting down taxes via the Production-Linked Incentive Scheme (PLI).
India decided to increase its exports to $30 billion as part of “Atmanirbharbharat.” However, the excellent export data shows that India exported 72 percent of its total exports in the financial year April-February 2022. India is no longer reliant on the top ten nations.
India’s next target is to achieve $450-500 billion in export in FY 2024.
Recent Free Trade Agreements
To boost exports and to reach the goal of achieving $30 billion of exports, India has also signed Free Trade Agreements with major economies Dubai, and Australia. District export hubs were made for its enhancement.
Indian Trade Data FY 2022
In the Financial Year (FY) 2022, Indian agricultural export value will surpass $50 billion. With the increase in the Minimum Support Price (MSP) farmers will be benefitted. Farmers will earn profit from export incentives. Exports of mobile phones increased by 621 percent from Rs 207 crore to Rs 1496 crore from FY 2013 to FY 2022. Eyewear exports have increased by 1315 percent.
Telecom, computer, and information service exports have now surpassed those of China. In comparison to China, India has a competitive advantage in certain items like vegetables, chemicals, and minerals.
An exemplary remark noted is that Schemes Like the “Production Incentive Scheme” and Made in India have not only helped in the increase of primary products but a way more seen in Secondary products too. Schemes like “Production Incentive Scheme” and “Made in India” have not only aided in the increase of basic products, but also in the increase of secondary products.
Trading Partners
For the past 25 years, the United States has been India’s largest commercial partner. India has recently diversified its exports. India has increased commerce with Singapore, the United Arab Emirates, Bangladesh, and the Netherlands. China has dropped off of India’s top ten export markets.
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