Prime Minister Narendra Modi on Wednesday said that India had achieved the target of $400 billion in exports in FY2022 while congratulating our farmers, weavers, MSMEs, manufacturers, exporters for this achievement.
Last year the exports amounted to $292 billion. This year exports hit a new milestone nine days ahead of its schedule showcasing 37% growth compared to last year.
The Goods Industry is solely responsible for this growth.
It is expected that exports will rise in the near future with the increase in the number of negotiations in regards to Free Trade Agreement (FTA) with many countries including, Australia, Europe, the United Kingdom.
Areas that have been the key drivers of India's export growth
With stepping foot in new markets like Ethiopia, Nigeria and supplying pharmaceutical products to recapturing the markets of Saudi Arabia, the U.A.E for supplying food products, India has seen a tremendous growth in its exports of goods.
Engineering goods have seen a growth of 49.7 per cent in the first 11 months of the fiscal, electronic goods exports have seen a growth of 42.8 per cent and gems and jewellery exports have seen a growth of 57.3 per cent. Export of petroleum products have grown by 147.6 per cent driven by a steady increase in crude oil prices.
Experts have noticed that one of the key factors driving the surge in exports is the pent-up demands which were not met during the major waves of the Covid-19 pandemic.
It is also expected that with rising tensions between Ukraine and Russia, India can play a major role in the supply of agricultural products to many countries in the world.
"Make in India"
Commerce and industry minister Piyush Goyal said that, "India achieved this milestone despite all the adversities including the Covid-19 pandemic and Ukraine-Russia crisis, if this was a movie it would be called a Make in India blockbuster" at an official briefing. At the briefing he also added that closer interaction with the states and districts, engagement with exporters, faster resolution to their issues actively engaging with different export promotion councils, industry associations and other stakeholders have helped achieve this milestone.
Exports are essential drivers of the growth of the economy. They play a major role in influencing the country's GDP, exchange rate, level of inflation, and interest rates.
They also have a huge impact on job opportunities, foreign currency reserves, manufacturing and also the government's revenue collection.
Besides, it also plays a crucial role in strengthening the domestic manufacturing units by increasing the efficiency of their quality.
Topping the exports by $400 billion is one of the greatest achievements of our country. This achievement depicts the country's resilience, commitment and clearly shows that the world now trusts Make in India brands.
Such growth has been achieved in the periods of severe Covid waves and the Ukraine-Russia crisis.
