Union Minister for Commerce & Industry Piyush Goyal addressing a press conference, in New Delhi on April 3, 2022. Commerce Secretary B.V.R. Subrahmanyam is also seen.
Union Minister for Commerce & Industry Piyush Goyal addressing a press conference, in New Delhi on April 3, 2022. Commerce Secretary B.V.R. Subrahmanyam is also seen.

India overshoots target, achieves $ 417.8 billion exports in 2021-22

New Delhi, April 3, 2022

Merchandise exports from India have reached $ 417.8 billion in the financial year 2021-22, exceeding the target of $ 400 billion.

This is the first time that the country' exports have crossed $ 400 bilion in a year. The figure of $ 417.8 billion excludes the numbers from non-Electronic Data Interchange (EDI) ports and if those are also taken into account, it was likely to exceed $ 418 billion, an all-time high in India's export history.

Monthly exports remained above $ 30 billion for the last 12 months, and touched $ 40.38 billion in March 2022, the highest monthly value of merchandise exports from the country. This represented an increase of 14.53% over the $ 35.26 billion in March 2021 and an increase of 87.89% over $ 21.49 billion in March 2020.

The exports saw a significant growth in non-petroleum goods also in 2021-22, which amounted to $ 352.76 billion, an increase of 32.62% over $ 266.00 billion in 2020-21 and an increase of 29.66% over $ 272.07 billion in 2019-20.

Addressing a press conference here today, Union Minister of Commerce and Industry Piyush Goyal said that India had truly gone from "local to global" in response to Prime Minister Narendra Modi’s call.

The Minister said that every Indian should be proud of the pace at which India is achieving "atmanirbharta" (self-reliance) 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, Goyal said the Prime Minister had set lofty goals for India and that the nation is extremely capable of achieving them.

Goyal said the "never say die" spirit of exporters, the relentless effort by export promotion councils (EPCs) and industry associations, the coordination among different Government Departments and state governments, reflecting the "whole of government approach" had resulted in this stupendous achievement.

He said India’s diversified export portfolio in 2021-22 showed India’s manufacturing abilities as well as growth in hi-tech goods, electronics and agricultural products.

Major commodities that recorded high growth in 2021-22 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 Chemicals (32.0%), Plastic and Linoleum (31.1%), Marine Products (30.0%), Ready-made goods of all textiles (29.9%), Handicrafts Excluding Hand Made Carpets (22.0%) and Cereal Preparations and Miscellaneous Processed Item (21.9%).

Apart from diversified range of merchandise goods exported during 2021-22, there was also a significant increase in exports 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 the figures for 2020-21.

Goyal said that, notwithstanding the challenges posed by successive waves of COVID-19, India’s merchandise trade performance had registered impressive growth in the year.

He said the agricultural sector had registered impressive growth in exports during the year. During the pandemic, India emerged as a major supplier of food and essential agricultural products. The buoyancy in this sector was 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 the country's population of 1.35 billion 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, Goyal said.

"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" he said.

The Minister said India would step up wheat supplies to countries hit by the Russia-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.

Goyal said the government had been working round the clock to provide a conducive environment and infrastructure for the 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," he said.

Goyal said the government is now working on rolling out the District Export Hub Initiative to strengthen the export infrastructure and logistics at district level to facilitate exports.

“We have succeeded in creating awareness about exports in every district through One District One Product (ODOP) and Production-Linked Incentive (PLI) schemes," 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 lie. 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," he added.


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