India on the path to achieving $400 billion export target in FY 2021-22

According to the commerce and industry minister Shri Piyush Goyal, the ministry’s set target of US$ 400 billion will be achieved this year.

December 20, 2021

The minister called it a feat that has never been achieved before.

He added that the UAE has committed US$ 100 billion towards creating investment and infrastructure in India.

India’s overall exports stood at US$ 418.74 billion between April and November.

Merchandise exports rose by 27.16% at US$ 30.04 billion since the previous year.

The country is on the trajectory to reaching a target of US$ 400 billion in its exports, according to a statement by the Union Minister for Commerce and Industry Shri Piyush Goyal on November 18. The minister laid the foundation stone for the mega common facility centre at the Santacruz Electronics Export Processing Zone in Mumbai. Calling it a feat that has never been achieved before, the minister added that the UAE has set aside US$ 100 billion for the creation of investment and infrastructure in the country which will accelerate the achievement of target of US$ 400 billion and that this would make the UAE a gateway for Indian trade to the Middle East and Africa. Earlier, in July 2021, the minister had stated that an export target of US$ 400 billion had been set by the ministry in collaboration with the private industry, MSME sector, engineering, agriculture, automobile and steel sector.

The country’s overall exports (Merchandise and Services combined) amounted to around US$ 418.74 billion between April and November, indicating a positive increase of 37.21%. In November, the merchandise exports amounted to US$ 30.04 billion, having risen by 27.16% owing to the good performance by sectors such as petroleum products, engineering goods, and electronic items, according to official data. This also shows a rise by US$ 6.42 billion since November 2020 when the exports stood at US$ 23.62 billion. The imports, on the other hand, stood at US$ 52.94 billion, recording an increase by 56.58% over inbound shipments since the corresponding period a year ago.