India overhauled its set export target of $400 billion for FY22 with 10 days to spare. The momentous achievement came on the back of a resurgent economy as COVID-19 cases started to decline. On March 21, India’s total exports crossed $400.8 billion and there is a distinct possibility that the figures will cross $410 billion by the month’s end.
Calling the achievement “a key milestone”, Prime Minister, Narendra Modi, took to Twitter to express his delight. “India set an ambitious target of USD 400 billion of goods exports and achieved 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,” his tweet read.
The silver lining comes even as global trade suffers a major lurch thanks to the raging conflict in Ukraine. Economic sanctions deployed by the United Sates and the West have seriously curtailed international trade. Amidst all this, Indian exports benefitted from the pent-up global demand that was unmet due to the COVID-19 pandemic.
Preliminary analysis revealed that many goods including auto components, motor vehicles, cereal preparations, buffalo meat, rice, carpets, processed fruits and juice witnessed a rise in over export volumes. Experts also noted that the policies adopted by developed economies in the face of the COVID-induced economic slump boosted Indian exports.
According to official estimates, engineering goods made up for a majority of exports and are expected to reach $110 billion by the end of the current financial year. Electronic goods exports also registered a significant growth, rising by some 42.8 percent in the first 11 months of FY22. Other products that recorded strong growth included petroleum products, gems and jewelry, readymade garments, meat and dairy products as well as marine products.
India’s achievement is nothing short of spectacular. It is a testament to the resilience and the versatility of its industrial machinery that had to contend with a global recession. It also highlights the importance of self-sufficiency, reinforcing the Prime Minister’s vision of an Aatmanirbhar Bharat.