India Achieves $400 Billion Merchandise Exports Well Before Target

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The Merchandise exports from India have crossed $400 billion in the current financial year, 9 days ahead of schedule. The achievement of USD 400 billion exports was the result of a concerted, collective effort by every sector, every stakeholder in the nation. This is far higher than the previous record of USD 330 billion achieved in 2018-19.

The achievement of the lucrative export target showed the world that inspite of facing numerous challenges, with sheer grit, determination, capability and talent, India would surmount all obstacles and the exporters, farmers, weavers, MSMEs, manufacturers and all other stakeholders were the real heroes behind this achievement.

On this occasion Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Shri Piyush Goyal thanked the Prime Minister, Shri Narendra Modi for leading from the front and for his relentless focus on exports. It was the clarion call given by the Prime Minister that inspired the industry to make a quantum jump in exports, he said.

The Minister said that there was a detailed strategy in place, including specific targets set – country-wise, product-wise & EPC-wise, monitoring and course correction, behind the achievement of the export target.

Shri Goyal said that the ‘whole of govt approach’ had been taken to the next level to ‘whole of country approach’ to acheive this remarkable target.

He also said that the achievement was not just about meeting targets but about building confidence and about exploring new markets.

Underscoring the direct linkage that exports have with employment generation, especially in labour intensive sectors, the Minister said that when products of a brass trader from Moradabad and farmers from Varanasi get appreciated in the global market, it is a testimony to the fact that employment and prosperity is increasing from exports.

The Minister also appreciated Indian exporters for maintaining the momentum throughout the year despite challenges caused by successive COVID-19 waves.
Keeping in view the critical role of exports in catalyzing economic activities which were impacted by the COVID-19 pandemic, the Department of Commerce embarked upon the inspiration provided by Hon’ble PM Shri Modi during his Address and interaction with exporting community, Ambassadors / HCs / Commercial Missions, Line Ministries/ Departments, State/UTs, EPCs, Commodity Boards/ Authorities, Industry/Trade Associations, etc on 6th August 2021 on the theme of “Local Goes Global – Make in India for the World”.

During the Address, Hon’ble Prime Minister set an ambitious target of US$ 400 billion of merchandise exports for 2021-22 for the nation to achieve. He exhorted the exporting community to search for new products in the export basket, look for newer destinations and ensure deeper penetration of the existing product and markets.
Thus, in order to achieve the target and approach set by the Hon’ble PM, the Department of Commerce disaggregated the $400 Billion target in terms of regions and countries as well as product/commodity groups. The government prepared a detailed strategy for achieving the targets and an elaborate monitoring system.

On achieving this milestone PM Shri Narendra Modi said, “India set an ambitious target of $400 Billion of goods exports & achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success. This is a key milestone in our Aatmanirbhar Bharat journey.”