$400 billion exports target achieved, govt aspires for more next year

New Delhi, March 23: Buoyed by the success of crossing $400 billion exports target for FY22 ahead of schedule, Commerce and Industry Minister Piyush Goyal on Wednesday said that discussions with Indian Missions abroad, export promotion councils and other stakeholders have kicked off to set the target for the next financial year. The goods exports in FY22 (till March 22) of $400 billion are 37 per cent higher compared to $292 billion in 2020-21. The previous high was $330 billion which was achieved in 2018-19. The higher exports have come on the back of robust demand from key markets in Europe, Americas and China for Made-in-India products. The key sectors that drove the outward shipments during the year are engineering goods, petroleum products, chemicals, gems and jewelry and textiles. Attributing the success to ‘inspiring leadership’ of Prime Minister Narendra Modi, collective efforts of Team India, the whole of government approach and aggressive monitoring of target, Goyal said that the world today trusts India and wants to engage with it. “The world today trusts India. You can also see it in the rankings of the global leaders regularly. Today, Prime Minister Modi is the world’s most trusted leader and that trust percolates into governments, percolates into businesses. Therefore, more and more governments want to do free trade agreement or economic partnerships with India,” Goyal said. The Minister informed that the UAE has formally ratified the India-UAE comprehensive partnership and hoped that in the next six weeks it could be implemented. “The UAE has formally ratified the India-UAE comprehensive partnership and we are hopeful that once all the paper works, all notifications and all that have to come out, are done we will be able to start implementing. … the agreement will come into force. I would think it could happen anytime in the next six months or so,” Goyal said. He said that the existing foreign trade policy (FTP) could be continued for few more months as the government is making every effort to bring the new policy which are more contemporary and designed to meet the current requirements. “Since the number of events have overtaken us, particularly the big achievement of $400 billion merchandise exports, the huge exports in services exports about which I will talk to all of you on another day, I think many events that are unfolding are making us work overtime to make that policy much more contemporary, more real time, more like to the needs of the New India that we are seeing today, the new confidence in our exporters. So, we would be looking at probably giving some more time before that policy comes in and the existing policy will then be notified soon, (to) be continued for some more months,” Goyal said. The five-year new FTP was expected to be unveiled from April this year after a delay of two years due to pandemic and wider consultation with the industry. Goyal underscored the role and significance of the exports sector saying that now Uttar Pradesh government has an exports minister. “For the first time today, Uttar Pradesh has an exports minister. Today, states have started recognizing it’s their own also to promote exports. There was a time when states felt it was a central government problem,” he said. Exports from India have shown impressive growth through the year. Widening vaccination coverage has added to market sentiments leading to increased economic activities. The government on its part kept the focus on shoring up outward shipments and set annual targets for key industries such as gems and jewelry, engineering goods and textiles. It held constant discussions with export promotion councils, exporters and other stakeholders to remove any bottlenecks in the way of smooth exports. “Detailed target setting exercise was carried out in consultation with Missions, EPCs, Territorial divisions, Commodity Boards, Industry bodies,” Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said. He noted that even the smallest country was covered while setting the target. (UNI)