New Delhi: The country’s exports for the first time crossed the USD 400 billion mark in a fiscal on healthy performance by sectors such as petroleum products, engineering, gems and jewellery, and chemicals, according to the commerce ministry’s data released on Wednesday.
The merchandise exports rose by 37 per cent to USD 400.8 billion in 2021-22 until March 21 against USD 292 billion in 2020-21. Previously, the outbound shipments had touched a record of USD 330.07 billion in 2018-19.
Imports during the period stood at USD 589 billion, leaving a trade deficit of about USD 189 billion.
Hailing the country’s success in achieving its goods export target, Prime Minister Narendra Modi said that this is a key milestone in India’s ‘Aatmanirbhar Bharat’ journey.
The highest ever goods export target was achieved nine days ahead of the March 31 deadline.
“India set an ambitious target of USD 400 billion of goods exports and achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success. This is a key milestone in our Aatmanirbhar Bharat journey. #LocalGoesGlobal,” Modi tweeted.
Briefing media, Commerce and Industry Minister Piyush Goyal said that despite all adversities including Covid-19 pandemic, and Russia-Ukraine war, India has achieved this milestone.
“First time in history, India has crossed USD 400 billion in merchandise exports…if this was a movie like The Kashmir Files, it would be called a Make in India blockbuster,” Goyal told reporters here.
He added that closer interaction with states and districts; engagement with exporters; faster resolution of their issues; actively engaging with different export promotion councils, industry associations and other stakeholders have helped in reaching this milestone.