India sets $400 billion export record
GS Paper - 3 (Economy)
Prime Minister on 23 March 2022 said that India had achieved the target of $400 billion in exports in FY2022 and complemented farmers, weavers, MSMEs, manufacturers, exporters for the achievement. India set an ambitious target of $400 billion of goods exports & achieved this target for the first time ever.
- The achievement of $400 billion in merchandise exports represents a growth of over 21 per cent in exports compared to the previous record high of $330 billion achieved in FY2019 prior to the Covid-19 pandemic.
- Experts have noted that one of the key factors driving the surge in exports is pent up demand that was not met during major waves of the Covid-19 pandemic.
- Expansionary monetary policy by developed economies in response to the economic impact of the pandemic has also boosted demand for Indian exports.
Key drivers of India’s export growth
- Areas that have been key drivers of India’s export growth include engineering goods which have seen a growth of 49.7 per cent in the first 11 months of the fiscal, electronics goods exports which have grown by 42.8 per cent and gems and jewellery exports which have grown by 57.3 per cent.
- Export of petroleum products have grown by 147.6 per cent driven by a steady increase in crude oil prices.