January 21, 2022
South East Asia is increasingly becoming the focal point of international trade as are bilateral agreements.
An exclusive trade portal for the MSME sector is to be developed by the Government of India.
India is on its way towards achieving US$ 1 trillion worth of exports by 2027.
India achieved US$ 37 billion worth of exports in December 2021, marking a 37% year-on-year increase.
The Government of India’s export target for the 2022-23 fiscal year is USD 500 billion, said Sh Amiya Chandra, Additional Directorate General of Foreign Trade (DGFT). The official also noted that the focal point of international trade has shifted towards South East Asia from Europe and the United States. Approaches favouring bilateral trade were increasingly gaining precedence over multilateral trade deals, as observed by the official. The representative also informed that a trade portal for Micro, Small and Medium Enterprises (MSMEs) is on the anvil, and added that India is in the process of signing 6 Foreign Trade Agreements. India is targeting a growth in exports to the tune of US$ 1 trillion by 2027.
Earlier this month the Union Minister of Commerce and Industry, Piyush Goyal disclosed that India had achieved USD 37 billion worth of exports in December 2021, making it the highest-ever monthly export volume. A 37% increase in year-on-year exports was registered during this period. 10 major export groups which amount to 80% of export volume have registered over 41% export growth in December 2021. The Union Minister highlighted that Uttar Pradesh exhibited the best performance under the ‘One District, One Product’ scheme.