REACHING $400 BILLION EXPORT TARGET IS WELCOME BUT MORE POTENTIAL IS STILL THERE
NEW OPPORTUNITES HAVE TO BE TAPPED FOLLOWING CURRENT WAR IN UKRAINE
2022-03-28 16:06
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Prime Minister Narendra Modi and Commerce Minister Piyush Goyal are gung ho about India’s merchandise exports that is goods exports touching $400 billion mark for the first time this year. This certainly calls for rejoice as India’s goods exports growth has been tepid in the last few years, even in years before Covid pandemic. Over 25 per cent growth this year is something noteworthy. Coupled with this, India’s services exports too is looking up and it is expected to be around $250 billion in 2021-22. This really calls for celebrations as India’s total goods and services exports are likely to exceed $650 billion this year. With foreign exchange reserves surging towards $650 billion India’s balance of payments position is quite comfortable and has thrown enough indications that India is poised for an economic recovery that will take the country back to high growth trajectory.