According to the Economic Survey, India will achieve $400 billion in merchandise exports by 2021-22
India is well on its way to achieving an export target of $400 billion, the ministry of commerce and industry said in a media briefing. According to him, the top 10 major commodity groups that make up 80% of exports have grown by 41% since last December.
All Indians should be proud that PM Narendra Modi ji’s call for exports to become a major engine of growth was taken seriously. We are on track to achieve our target with $300 billion in revenues in the first nine months of 2021-22,” Goyal said.
Indian merchandise exports in December 2021 reached $37.29 billion, a record high with an increase of 37.0% over $27.22 billion in December 2020, according to government figures. In December 2021, non-petroleum exports were $31.67 billion, an increase of 27.31% over non-petroleum exports of $24.88 billion in December 2020.
Prime Minister Modi’s call for Indian products and services to go global has been very well received by India’s foreign missions abroad, according to Goyal. Likewise, the sharp increase in China’s trade deficit under the United Progressive Alliance (UPA)-led government has been reduced considerably by the Bharatiya Janata Party’s present government, he said.
The BJP government brought down imports from China “dramatically” from 1,160% during the UPA government to 8% under the BJP.