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India achieved USD 419 billion in FY 21-22, touched USD 30 billion in exports every month and in March, it touched USD 42 billion
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India has the potential to achieve USD 1 trillion in services and merchandise exports each by 2030, said union minister for commerce and industry, Piyush Goyal on Wednesday.
During his address at ‘21st Civil Services Day 2022 on 'Aatmanirbhar Bharat – Focus on Exports’, the minister stressed the need to make exports the fulcrum of India’s growth.
Highlighting the immense potential for growth in exports, the minister said that labour-oriented sectors like gems and jewellery, textiles, pharma, handloom, handicrafts, leather, etc must receive a greater push to boost employment and income generation.
He said that Production Linked Incentive (PLI) schemes are making our industry competitive by bringing in economies of scale and will help us create global champions.
Goyal said that one of the biggest beneficiaries of our hard work during the pandemic was the services sector which has grown by leaps and bounds. We had a USD 250 billion export of services during the last year. This was achieved despite travel, tourism and hospitality being severely affected due to Covid-19, he said.
He added that one of the reasons it was made possible was the adaptability and speed with which we reconfigured our processes and rules, facilitated working from home, ensured that people could move equipment and secured broadband access to all.
Speaking of India’s robust, living and active democracy, Goyal said that rule of law prevailed across the country and that we had transparent models of governance, a very active media, a strong judiciary and democratic institutions and systems that always upheld the right against the wrong.
Notably, India achieved USD 419 billion in FY 21-22, touched USD 30 billion in exports every month and in March, it touched USD 42 billion. The growth momentum has been maintained in the first 14 days of April touching USD 18.5 billion.
"This achievement is not just a milestone in our Aatmanirbhar Bharat journey, but also a message to the rest of the world that New India offers quality, reliability and scale," Goyal added.