New Delhi: In a sign that India’s economy is rebounding strongly from the second wave of Covid-19, Union minister for commerce and industry Piyush Goyal on Saturday asserted that this year (2021-22) India will achieve a $400 billion export target, something which has never happened before.
“Our goals for the export sector are very ambitious & Modi Govt. is determined to achieve something that has never happened in India before,” Goyal tweeted.
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The minister was laying the foundation stone for the mega common facility centre (CFC) at the Santacruz Electronics Export Processing Zone in Mumbai.
The Mega CFC is a dream project worth Rs 70 crore and would remain the hub of skill training and an important business facilitation centre situated in the heart of the country’s significant manufacturing centre for gems and jewellery.
How will India meet its export target?
Sharing the details on meeting export targets, Goyal said, “UAE has committed $100 Billion for investment and infrastructure creation in India which will help achieve its export target.” He said that the UAE will become a gateway for Indian trade to the Middle East and Africa.
"Talks on India-UAE Free Trade Agreement is underway. UAE will become a gateway for Indian trade to the Middle East and Africa and we may set up a huge India mart to tap that market," he added.
According to the Centre, India’s overall exports (Merchandise and Services combined) between April and November stood around $418.74 billion, exhibiting a positive growth of 37.21 per cent. The merchandise exports jumped 27.16 per cent to $30.04 billion in November owing to good performance of sectors including petroleum products, engineering goods, and electronic items, official data showed.
The exports stood at $23.62 billion in November 2020.
Imports in November were at $52.94 billion, showing an increase of 56.58 per cent over inbound shipments of $33.81 billion in the year-ago month.