India has achieved its highest-ever merchandise exports of $95 billion in the April-June quarter of the current fiscal year, turning adversity into opportunity (FY22). This is 85% higher than exports in the first quarter of 2020-21 and 18% higher than exports in the first quarter of 2019-20. It’s also up 16 percent from the previous greatest Q1 exports of 2018-19 ($82 billion) and up from the previous high.Minister of Commerce and Industry Piyush Goyal noted that sector-specific initiatives, the involvement of all stakeholders, and the overall functioning of the government all contributed to the achievement of development. He noted that the record performance of exports was due to the simplification of procedures and the extension of timelines and licences.
According to the minister, based on the first quarter’s success, an ambitious objective of $400 billion in exports has been established for 2021-22. Several labor-intensive industries had substantial export growth in the first quarter. Over the first quarter of 2019-20, engineering goods exports grew by $5.2 billion. Similarly, the increase of rice exports has remained strong since the beginning of the year.
In April 2020, India’s export performance was strong when compared to the world’s main economies. India’s export growth in April 2021 was larger than that of other major advanced economies such as the European Union, Japan, the United States, South Korea, and the United Kingdom. In addition, the country received the biggest ever FDI influx of $81.72 billion in 2020-21. This represents a 10% increase over the previous year.
According to Goyal, the DPIIT has recognised over 50,000 start-ups, which are scattered over 623 districts. Over 16,000 recognised start-ups produced nearly 1.8 lakh formal positions in 2020-21. The start-up ecosystem has helped many times more people. In Phase-I, 6,426 compliances were decreased to increase the convenience of doing business and lower the compliance load.
According to Goyal, the world views India as a trustworthy and reliable partner, and has greater faith in India’s capacity to deliver high-quality products and services on time. With the growth of goods and services, a significant number of job possibilities will be created, the economy will strengthen, taxes will rise, and the government will be able to assist the poor in a more effective way.