India to witness another good year of exports : Goyal

Mumbai, April 15 : on Minister for Commerce and Industry Piyush Goyal on Friday said that India’s exports touched USD 9 billion in the first week of April this year despite the ongoing disruptions arising due to geopolitical unrest and the supply chain related challenges. Speaking to media persons here, Goyal said that India is expected to have another good year in exports on the lines of FY2022, when the exports exceeded the target of USD 400 billion. “Covid has not ended and the conflict is causing so much of disruptions in the world, both in terms of currency transactions and in terms of supply chains. Also, in terms of shipping and container availability. Shipping routes have also been significantly affected and the world is facing turbulent times,” Goyal said. He noted that in the first week of April, India’s exports stood at USD 9 billion, especially as it is a slow month. “In this situation, April first week giving us USD 9 billion (of trade) has truly been encouraging and my own sense is that if this continues, we will certainly have another good year of exports, and ensure that our international trade plays a very important role in the growth of the country providing lakhs of people with jobs and ensuring a prosperous future for 135 crore Indians,” Goyal added. On the export target for the current fiscal, the minister said that consultations are still on and noted that the targets are set based on the estimates given by the missions and the industry. “There is a bottom up approach, so the missions and industry coordinate, and we set targets. The target of USD 400 billion (for FY22) was not from the air but it was very well thought of number and so it exceeded the targets,” Goyal noted. Speaking about Egypt approving India as a supplier of wheat to fill a sizeable void in the north African nation’s food stocks due to the Ukraine conflict, Goyal said the wheat exports in the current fiscal is expected to touch USD 100-150 billion. The development is expected to open up a lucrative market for Indian farmers and also deepen agricultural ties between the two countries. “Until 2 years ago, we were exporting 2 lakh tonne of wheat. Then from 2 lakh tonne, we increased it to 20 lakh tonne and now from 20 lakh tonne we have increased it to 70-73 lakh tonne in March. Next, a minimun 100 lakh tonne and there is also a possibility of it going to 150 lakh tonne,” Goyal added. PSK RKM

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