New Delhi: In a sign that India’s economy is making a strong rebound from the second wave of COVID-19, Union Commerce and Industry Minister Piyush Goyal on Saturday said that this year (2021-22) India will meet the export target of $400 billion. will achieve, something that has never happened before.
“Our targets for the export sector are very ambitious and the Modi government. Committed to achieving something that has never happened before in India,” tweeted Goyal.
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The minister was laying the foundation stone of Mega Common Facility Center (CFC) in Santacruz Electronics Export Processing Zone in Mumbai.
The Mega CFC is a Rs 70 crore dream project and will continue to be a hub of skill training and an important trade facilitation center located at the heart of the country’s important manufacturing hub for gems and jewellery.
How will India meet its export target?
Sharing details on meeting the export targets, Goyal said, “UAE has pledged $100 billion to invest in India and build infrastructure that will help it achieve its export target.” He said that the UAE will become a gateway for Indian trade to the Middle East and Africa.
“Negotiations are underway on an India-UAE free trade agreement. The UAE will become a gateway for Indian trade to the Middle East and Africa and we can set up a huge Bharat Mart to tap that market,” he said.
According to the Centre, India’s total exports (merchandise and services combined) between April and November stood at around $418.74 billion, showing a positive growth of 37.21 per cent. Merchandise exports rose 27.16 per cent to $30.04 billion in November, driven by good performance from sectors including petroleum products, engineering goods and electronic goods, official data showed.
Exports stood at $23.62 billion in November 2020.
Imports in November stood at $52.94 billion, an increase of 56.58 percent as compared to inbound shipments of $33.81 billion in the year-ago month.
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