India Meets $400 bn Goods Export Target for First Time

On Wednesday, Prime Minister Narendra Modi announced that India had achieved its goal of $400 billion in exports for the first time. In FY21, India's goods exports totalled $298.1 billion. "India set a lofty goal of $400 billion in goods exports, which it surpasses for the first time. For this success, I congratulate our farmers, weavers, MSMEs, manufacturers, and exporters. This is a significant turning point in the Aatmanirbhar Bharat journey. #LocalGoesGlobal,” Modi said in a tweet.

The Prime Minister also shared infographics depicting India surpassing its highest-ever export target nine days ahead of schedule. According to the graph, an average of $46 million in exports was made every hour.

"India is on its way to becoming a major exporter!" In a tweet, commerce and industry minister Piyush Goyal said, "PM @NarendraModi inspired confidence and led from the front through our journey to $400 billion goods exports target," adding that the achievement was made nine days ahead of schedule and is a blueprint for AtmaNirbhar Bharat.

"India set an ambitious target of USD 400 billion in goods exports and achieved this target for the first time ever," Modi said in a Twitter post. “I would like to congratulate our farmers, weavers, MSMEs, manufacturers, and exporters on their success. This is a significant step forward in our Aatmanirbhar Bharat journey."

India's merchandise exports in April-February 2021-22 totaled $374.81 billion, up from $256.55 billion the previous year, representing a 46.09 percent increase.

According to officials, while commodity price increases contributed to the increase in exports, many goods, including auto components, motor vehicles, cereal preparations, buffalo meat, rice, carpets, processed fruits and juice, also saw increases in overall export volumes despite stagnant or declining commodity prices.

Another key factor driving the surge in exports, according to experts, is the pent-up global demand that went unmet during major waves of the pandemic. An expansionary monetary policy implemented by developed economies in response to the economic impact of the pandemic has increased demand for Indian exports.