piyush goyal: India’s merchandise exports expected to exceed $400 billion in current fiscal year : Piyush goyal

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New Delhi: India’s merchandise exports hit $390 billion till March 14 of the current fiscal year and will certainly top $400 billion in the year ending March 31, 2022, a Union Trade and Industry Minister Piyush Goyal said on Thursday.

Addressing an event organized by the Automotive Components Manufacturers Association (ACMA), Goyal said India’s automotive components industry had, for the first time, recorded a trade surplus of $600 million.

According to data released by the Ministry of Commerce and Industry on March 14, India’s merchandise exports for the period April-February 2021-22 amounted to $374.81 billion from $256.55 billion. of dollars during the period April-February 2020-21, registering a growth of 46.09. percent.

In February 2022, merchandise exports jumped to $34.57 billion, registering a year-on-year growth of 25.1%.

Addressing the ACMA event, Goyal noted that India’s automotive industry is worth over $100 billion and contributes 8% of the country’s total exports and accounts for 2.3% of India’s GDP. It is estimated that India’s automotive industry will become the 3rd in the world by 2025.

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