Union Minister of Commerce and Industry, Piyush Goyal on Sunday, November 14, 2021, said that India is on its way to hitting a historic high on exports of goods and services this year. He assured that the economy which has been affected due to the Covid-19 pandemic will soon be back on track. The Commerce and Industry Minister added that India has been witnessing a steady growth in Foreign Direct Investment (FDI) for the last seven years.
“We are back in business,” the Commerce and Industry Minister said while speaking at an event at Pragati Maidan in Delhi, adding that “Collectively, we are on the track for a historical high on exports of goods and services in the current year.”
“We achieved exports of $235 billion till last month in October and we are well on track to go up to $400 billion in the financial year 2022″, the Union Minister said. “India has consistently shown that it is a reliable partner of the world. India FDI is witnessing a historic high, the highest ever FDI in the first 4 months. It is 62 per cent higher than the same period last year”, the Union Minister added.
Elaborating further on the positive outlook for India’s businesses, the Union Minister said, “The launch of this trade fair today reflects the five ‘sutras’ of India – economy, exports, infrastructure, demand and diversity.”
It is also to be noted that India’s exports (inclusive of goods and services) in September 2021 were estimated at $54.06 billion, a growth of 21.44 per cent over the same period last year and 26.03 per cent growth over September 2019.
India’s exports (merchandise and services combined) in April-September 2021 were estimated at $312.47 billion, a growth of 40.52 per cent over the same period last year and an increase of 18.30 per cent over April-September 2019. Imports in April-September 2021 are estimated to be $341.10 billion, showing a positive growth of 64.91 per cent over the corresponding period last year and a positive growth of 9.31 per cent over April-September 2019.