Commerce Minister Piyush Goyal on Monday said India’s exports in December surged 37 percent on an annual basis to USD 37.29 billion, which is highest-ever monthly figure.He added that India’s exports of goods will crossUSD 400 billion this fiscal, adding that Prime Minister Narendra Modi wanted India to witness not only incremental growth but experience a Quantum jump as well.Imports in December too rose by 38 percent to USD 59.27 billion on account of an increase in oil imports, which soared 65.17 percent to USD 15.9 billion.Cumulatively, during April-December 2021-22 exports rose by 48.85 percent to USD 299.74 billion. Imports during the period increased by 69.27 percent to USD 443.71 billion, leaving a trade deficit of USD 143.97 billion.
“With USD 300 billion in the first nine months of 2021-22 we are on track to achieve our target…This growth is satisfying and we must aspire for more,” Goyal said. He added that the third wave of COVID-19 is impacting developed economies like the US, Europe and the Middle East, and problems related to shipping lines can be expected.”We don’t immediately see any supply disruptions or in the supply chains because by and large the world has seen that the effects of this wave are relatively less harmful and the western world has not restricted any movements as yet. “We’ve also not seen instances of lockdowns being announced in any major country,” Goyal said, adding that the only problem could be temporary in the form of some shipping staff getting infected with COVID-19, causing short-term disruptions.”Most cases are asymptomatic and recover very quickly. Hopefully supply lines and supply activity will continue in full steam, he said. Commenting on the numbers, Federation of Indian Export Organisations (FIEO) President A Sakthivel said looking at the current trend, India will achieve the USD 400 billion merchandise exports target for the fiscal.Goyal also said the country is well on track to go up to USD 230 billion or upwards in services exports this fiscal, which will also be an all-time high. “We have seen a USD 179 billion services exports in first nine months, he said.
Courtesy – cnbctv18