India’s Exports reached $418 billion in 2021-22

According to the official data released, India exported goods worth $418 billion in the previous financial year 2021-22. This is the highest ever amount of goods exported. The exported goods recorded an increase of 40% year on year basis and exceeded the government target by around 5%. The data released by the Ministry of commerce and industry on Sunday indicates that Exports touched $40.38 billion in March from $34 billion the year earlier. This has been possible because of significant growth in petroleum products, engineering, gems and jewelry, chemicals, and pharmaceuticals. In a press statement, Union Commerce and Industry Minister, Piyush Goyal said: “India has exported $418 billion for the first time in its history. This is more than the target. It has crossed $40 billion in exports in March alone, the maximum in a single month. India’s diversified export portfolio in 2021-22 shows India’s manufacturing abilities, and growth in hi-tech goods, electronics, and agricultural products. Iron ore and cotton are two raw materials that we are exporting in a big way. We are also largely exporting processed goods. The FTAs we are negotiating are also aimed at increasing exports of value-added goods." At the beginning of the previous financial year 2021-22, a merchandise export target of $400 billion was set by the Department of Commerce.Minister.