<p>India's merchandise exports are likely to be around $470-480 billion in the current fiscal against $420 billion in 2021-22, Commerce Secretary BVR Subrahmanyam said on Tuesday.</p>.<p>The secretary also said the trade deficit, which crossed $100 billion in the first four months of the current fiscal, is not going to cross a "discomfort level".</p>.<p>Talking to reporters, Subrahmanyam said the merchandise trade during 2022-23 will be $470-480 billion and the services sector is likely to contribute another 280 billion.</p>.<p>"We are pretty much on track," he said, adding the exact target for the fiscal may be announced later.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/national/falling-merchandise-exports-threaten-indias-economic-growth-govt-warns-1137810.html" target="_blank">Falling merchandise exports threaten India's economic growth, govt warns</a></strong></p>.<p>India's overall exports (merchandise and services) touched an all-time high of $669.65 billion in April-March 2021-22, jumping by 34.50 per cent over the same period last year.</p>.<p>On trade deficit, the secretary said it is likely to moderate in the coming months because of softening of prices of oil and other commodities in the global market.</p>.<p>"I think in totality we are not going to cross a discomfort level...We are looking at it very closely," Subrahmanyam said.</p>.<p>The merchandise trade deficit in July 2022 was $31.02 billion, taking the gap between imports and exports to $100.01 billion in April-July 2022-23.</p>.<p>Meanwhile, Commerce and Industry Minister Piyush Goyal released a dossier on the restructuring of the Department of Commerce with a view to making it 'future ready' and put in place an ecosystem to achieve the $2 trillion export target by 2030.</p>.<p>The Secretary further said there is a huge opportunity for India as many western countries are planning to shift their operations from China.</p>.<p>“The shift from China is huge,” he said, adding that many companies are looking to shift their manufacturing away from China and move to India.</p>.<p>Subrahmanyam said that Japanese clothing retailer Uniqlo wants to shift its plant to India from China and planning to invest $1 billion.</p>
<p>India's merchandise exports are likely to be around $470-480 billion in the current fiscal against $420 billion in 2021-22, Commerce Secretary BVR Subrahmanyam said on Tuesday.</p>.<p>The secretary also said the trade deficit, which crossed $100 billion in the first four months of the current fiscal, is not going to cross a "discomfort level".</p>.<p>Talking to reporters, Subrahmanyam said the merchandise trade during 2022-23 will be $470-480 billion and the services sector is likely to contribute another 280 billion.</p>.<p>"We are pretty much on track," he said, adding the exact target for the fiscal may be announced later.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/national/falling-merchandise-exports-threaten-indias-economic-growth-govt-warns-1137810.html" target="_blank">Falling merchandise exports threaten India's economic growth, govt warns</a></strong></p>.<p>India's overall exports (merchandise and services) touched an all-time high of $669.65 billion in April-March 2021-22, jumping by 34.50 per cent over the same period last year.</p>.<p>On trade deficit, the secretary said it is likely to moderate in the coming months because of softening of prices of oil and other commodities in the global market.</p>.<p>"I think in totality we are not going to cross a discomfort level...We are looking at it very closely," Subrahmanyam said.</p>.<p>The merchandise trade deficit in July 2022 was $31.02 billion, taking the gap between imports and exports to $100.01 billion in April-July 2022-23.</p>.<p>Meanwhile, Commerce and Industry Minister Piyush Goyal released a dossier on the restructuring of the Department of Commerce with a view to making it 'future ready' and put in place an ecosystem to achieve the $2 trillion export target by 2030.</p>.<p>The Secretary further said there is a huge opportunity for India as many western countries are planning to shift their operations from China.</p>.<p>“The shift from China is huge,” he said, adding that many companies are looking to shift their manufacturing away from China and move to India.</p>.<p>Subrahmanyam said that Japanese clothing retailer Uniqlo wants to shift its plant to India from China and planning to invest $1 billion.</p>