The export of goods from India has surpassed the $400 billion barrier for the first time, with higher engineering items, electronics, and food products leading the way. An further $10 to $12 billion in goods are anticipated to be exported over the final nine days of the fiscal year. According to information accessible on the RBI website, exports are expected to have climbed 37% from their level of $291 billion last year so far. This is the quickest rate of growth since the over 40% growth seen in 2009–2010.
As of March 21, imports reached a record high of $589 billion, up from $393.6 billion in the fiscal year 2020–21. As a result, the trade deficit was anticipated to be $188.2 billion as of March 21. Although many products, including cars and rice, witnessed significant volume increases despite prices not experiencing a sharp rise, the growth in exports this year was partially fueled by higher oil and other commodity costs, which quickly grew as demand recovered.
In response to the Covid-19 epidemic two years ago, users, particularly those in Europe, tried to diversify their supplies, and officials report a little shift in demand from China to India.
The boost in exports definitely delighted the government. India set an ambitious aim of $400 billion in commodity exports, which it first ever accomplished. I salute the achievements of our farmers, weavers, MSMEs, producers, and exporters. This crucial turning moment in our Atmanirbhar Bharat Journey
