India's exports reach $400 bn for first time; PM Modi calls it key milestone

Prime Minister Narendra Modi has congratulated farmers, weavers, MSMEs, manufacturers and exporters for achieving the “ambitious” target of exports worth $400 billion. He also noted that this is a key milestone in India’s journey to become self-reliant or Aatmanirbhar.

“India set an ambitious target of $400 billion of goods exports and achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success. This is a key milestone in our Aatmanirbhar Bharat journey,” the Prime Minister tweeted.

According to one of the graphs shared by the Prime Minister, India achieved the target of exports worth $400 billion 9 days ahead of schedule. As per this graph, government approach of closer interaction at state and district levels and active engagement with export promotion councils, industry associations and other stakeholders contributed to this achievement. 

It also mentioned closer engagement with exporters and faster resolution of issues as a key catalyst to India achieving the $400 billion exports target.

Going by the second graph, India had exported goods worth $1 billion every day on an average. As per the third graph shared by the Prime Minister, India’s exports rose 37 per cent on-year from $292 billion in 2020-21 to $400 billion in 2021-22 (till March 22).

This is in congruence with Union Commerce and Industry Minister Piyush Goyal’s claims regarding India’s exports earlier this month. Goyal stated that India’s merchandise exports have reached $390 billion till March 14 of the current financial year and will certainly cross $400 billion during the year ending March 31 while addressing an event by Automotive Component Manufacturers Association (ACMA).

(With ANI inputs)