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India achieves $400 billion merchandise exports target ahead of schedule

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NEW DELHI : India has achieved its goods export target of $400 billion nine days ahead of schedule.

“India set an ambitious target of $400 billion of goods exports and 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,” Prime Minister Shri Narendra Modi tweeted on Wednesday.

For the current financial year, India had set a $650 billion, the target for services exports was $250 billion.

Commerce and Industry Minister Shri Piyush Goyal was addressing a Press Conference held to mark the occasion  in New Delhi on Wednesday. 

Shri Goyal said that the achievement of the lucrative export target showed the world that in spite of facing numerous challenges, with sheer grit, determination, capability and talent, India would surmount all obstacles. 

The Minister expressed his gratitude to all the exporters, farmers, weavers, MSMEs, manufacturers, Indian missions abroad and all other stakeholders who he said, were the real heroes behind this achievement. 

He 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. 

The Minister  applauded the media for consistently encouraging businesses through positive reporting, encouraging editorials, helping making this a national mission. 

The Minister said that the achievement truly called for a celebration and added that it sent out the message of a confident future for the nation. India is ready for the World with a new identity of quality and  reliability, he said. 

In the April-December period the figure stood at about $300 billion. “In December alone we touched $37 billion goods exports despite the Omicron fear factor weighing high. This month, in 15 days till January 15, we have reached $16 billion,” Commerce and Industry Minister Piyush Goyal said in January.

Engineering goods exports have gone up by nearly 50% vis-à-vis last year. Higher engineering exports, apparel and garment export, etc. indicate that the misconception of India being a major exporter of primary commodities is gradually changing. We are now exporting more and more value added and high end exports and this effort by our technology driven industries should continue. Export of Cotton Yarn/Fabrics/Made-ups, Handloom Products etc, Gems and Jewellery, Other Cereals and Man-Made Yarn/Fabrics./Made-up etc. have registered a growth rate between 50%-60%.

The government has been working round 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.

On average, goods worth about $33 billion were shipped every month and about $1 billion every day.

Modi also posted graphics of India achieving its export target According to those graphics, the government approach with closer interaction with states and districts; engagement with exporters and faster resolution of their issues; and actively engaging with different export promotion councils, industry associations and other stakeholders have helped in reaching this milestone.

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