India overshoots export target; achieves USD 417.8 billion exports in 2021-22
Monthly exports remained above USD 30 billion for last 12 months; exceeded USD 40 billion in March
Merchandise exports from India have reached USD 417.8 billion in the current financial year. This figure excludes the figures from non-EDI Ports and adding that, it is likely to exceed $418 billion, an all-time high in India’s export history.
India has achieved highest monthly value of merchandise export in March 2022 amounting USD 40.38 billion, an increase of 14.53% over USD 35.26 billion in March 2021 and an increase of 87.89% over USD 21.49 billion in March 2020.
The exports have witnessed a significant growth in non-petroleum goods also in April 2021-March 2022 which was USD 352.76 billion, an increase of 32.62% over USD 266.00 billion in April 2020-March 2021 and an increase of 29.66% over USD 272.07 billion in April 2019-March 2020.
Addressing a press conference here today, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that India had truly gone from ‘local to global’ in response to the Prime Minister Shri Narendra Modi’s call.
The Minister said that every Indian should be proud of the pace at which India is achieving ‘atmanirbharta’ while ensuring that every Indian benefits from this progress. He added that India has been able to achieve this spectacular target under the leadership of the Prime Minister.
Expressing confidence that India’s economy is poised to break a number of records, Shri Goyal said that PM Modi had set lofty goals for India and that our nation is extremely capable of achieving such immense goals. To make Possible the Impossible, tirelessly strive for it and collectively work towards it, he added.
Goyal said the ‘never say die’ spirit of our exporters, the relentless effort by EPCs and Industry Association, the coordination among different GOI Departments and state governments reflecting the ‘whole of government approach’ has resulted in this stupendous achievement.
Every sector of the economy, every farmer, every entrepreneur, every MSME and state governments worked together to achieve this lucrative goal, he said.
India’s diversified export portfolio in 2021-22 show India’s manufacturing abilities as well as growth in hi-tech goods, electronics and agricultural products.
Exports of major commodity that recorded a positive growth during April 2021-March 2022 over April-March 2020-21 are Petroleum Products (152.1%), Cotton Yarn/Fabrics/Madeups, Handloom Products Etc. (55.1%), Other Cereals (52.2%), Gems and Jewellery (49.6%), Man-Made Yarn/Fabs/Madeups Etc.( 46.9%), Engineering Goods (45.5%), Coffee (49%), Electronic Goods (40.5%), Jute Mfg. Including Floor Covering (36.2%), Leather and Leather Manufactures (32.2%), Organic & Inorganic Chemical (32.0%), Plastic and Linoleum (31.1%), Marine Products (30.0%), Rmg Of All Textiles (29.9%), Handicrafts Excl. Hand Made Carpet (22.0%) and Cereal Preparations and Miscellaneous Processed Item (21.9%) recorded a positive growth of, and 21.9% respectively over April 2020-March 2021.
Apart from diversified range of merchandise goods exported during 2021-22, India’s merchandise exports have also seen a significant increase to different countries, especially, developed countries. Exports to USA, UAE, Bangladesh, Netherlands, Singapore, Hong Kong, UK, Belgium and Germany grew by 46.4%, 66.9%, 64.5%, 90.5%, 26.8%, 7.8%, 28%, 90.4% and 21.1% respectively over April 2020- March 2021.
Goyal said, notwithstanding the challenges posed by successive waves of Covid (2nd and 3rd wave), India’s merchandise trade performance has shown impressive growth and exports remained above USD 30 billion for twelve consecutive months during April 2021 to March 2022.
The Prime Minister called for ‘local to global’ and today India’s products are in great demand all over the world. This is a testament to the strength of leadership. PM now focuses extensively on ‘whole of nation approach’, he said.
One of the impressive growth has been seen in Agriculture sector and especially during the pandemic India emerged as a major global supplier of food / essential agriculture products. Agriculture exports buoyancy is driven by commodities such as rice (both basmati and non-basmati), marine products, wheat, spices and sugar, among others, recording the highest ever agricultural products export in 2021-22.
Higher agricultural exports signify the ability of Indian farmers to meet the requirement of 1.35 billion population and yet produce a surplus to export to rest of the world. Integration into global market will allow our farmers to be more competitive, quality conscious and at the same time realize better prices for their produce.
When we set a target of $50 billion exports of Agriculture produce, then few imagined this would be possible. But today I want to congratulate our farmers who have grown more produce despite the Covid-19. The exports growth has helped farmers and labour intensive sectors and MSMEs. The government places special emphasis on these sectors, Goyal said.
The Minister also assured that India will step up wheat supplies to countries hit by the Ukraine War.
“We will continue to export wheat in a big way to meet needs in countries who are not getting supplies from conflict areas. We are likely to exceed our wheat exports over 10 million tonnes in 2022-23. Our farmers are focused on increasing production,” he said.
The government has been working around the clock to provide a conducive environment and infrastructure for our industry and exporters to enhance their export performance. Policies and schemes aligned with the goal are being introduced and implemented for their benefit. The smooth roll out of RoDTEP and ROSCTL even in the midst of the pandemic reflects the strong resolve of the government to walk the talk. The Interest Equalisation Scheme has been extended to exporters and is likely to benefit a large number of MSME exporters.
Goyal said the Government is now working on rolling out the District Export Hub Initiative to strengthen the export infrastructure, logistics at district level to facilitate exports.
“We have succeeded in creating awareness about exports in every district through ODOP and PLIs,” he said.
Rigorous efforts for domestic capacity enhancement for deepening integration in the Global Value Chains are being made by working in close partnership with the industry to identify areas where India’s competitive advantages lay. The Government is working on strengthening our capabilities and create for the world on the lines of Make in India. Production Linked Incentive (PLI) schemes for 13 key sectors of manufacturing starting from FY 2021-22 have been announced.
