Value of Indian products increasing worldwide

Date:

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 was 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 exports 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 2023.

Recent Free Trade Agreements

To boost the 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 per cent.

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 “Production Incentive Scheme” and Made in India has not only helped in increase in primary products but a way more is 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.

Read More : European countries buying Oil from India

Amrita Sandhu
Amrita Sandhu
A well informed person is always the one who first analyse the situation and then make a informed decision. Being very professional about my work, I always keep myself and everyone updated.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe

Popular

More like this
Related

How The Ukraine Conflict Has Shaken Tech Production

About 50% of the world’s microchip processors depend on...

Saudi Man Wrecks Monument With Maserati in Rome.

CCTV footage helps Italian authorities detain a Saudi tourist...

Canada Battered By Storms And Power Shortages

CANADA: Canadian east coast provinces of Ontario and Quebec...

Breaking: Putin’s daughter engaged to “Zelensky”

A leaked report reveals Katerina Tikhonova flew to Munich...