India achieving $400 bn goods export target key 'Aatmanirbhar Bharat' milestone: PM Modi

Exports increased by 37 per cent to $400 billion during April-March 22, 2021-22 against $292 billion in 2020-21

India's merchandise exports crossed the highest ever $400 billion in the current financial year 2021-22, nine days ahead of schedule. This is a growth of over 21% as compared to the previous record of $330 billion achieved in 2018-19, prior to Covid-19 pandemic.

The official figures showed the key drivers of export growth were engineering goods, which grew nearly 50% year-on-year, electronics goods, which rose nearly 43% and gems and jewellery exports, which grew close to 58%. Export of petroleum products have grown a whopping 148% driven by increase in crude oil prices.

Prime Minister Narendra Modi complemented farmers, weavers, MSMEs, manufacturers, exporters for the achievement.

"Engineering goods exports have gone up by nearly 50% vis-à-vis last year. Higher engineering exports, apparel and garment export, etc. indicate that the misconception of India being a major exporter of primary commodities is gradually changing. We are now exporting more and more value-added and high-end goods and this effort by our technology driven industries should continue. Export of cotton yarn/fabrics/made-ups, handloom products, gems and jewellery, other cereals have registered a growth rate between 50%-60%," the commerce ministry said.

For the current financial year ending March 31, India had set the target of $650 billion of overall exports of which $250 billion was set for services exports.

Crossing $400 billion is a remarkable achievement particularly as we will be adding over $110 Bn in one year to reach here, despite huge logistics challenges including container shortage, sky rocketing freight and liquidity constraints," said FIEO president A Sakthivel.

"Another $40-45 billion will be added by the services exports this year. Thus, over 50% of the incremental growth in GDP this fiscal, will be contributed by the exports sector. Exports are now set to transform the Indian economy. What is more important is to build on it as we will have benefits of new FTAs/CEPAs and the PLI Scheme backing us. We will build on such remarkable achievements," said FIEO president.

Experts, however, believed it was due to the pent up demand of the last two years, marred by Covid pandemic, that the exports of goods have fared so well.

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