India reaches $400-billion export target in FY22 for the first time ever

India achieved its target of reaching $400 billion from exports in the current financial year on Wednesday – a first-of-its-kind record performance. Prime Minister Narendra Modi congratulated the people, especially farmers, MSMEs and exporters for achieving this feat. Taking to Twitter, the prime minister described the landmark as a “key milestone” in the Aatmanirbhar Bharat initiative. 

“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,” Mr Modi posted on Twitter. 

In January, Union Commerce Minister Piyush Goyal had said that the country was “on track” to achieve the goal. “It is time for all Indians to feel proud that the clarion call given by PM Narendra Modiji to make exports an engine of growth has been taken seriously by everyone. With $330 billion in the first nine months of 2021-22, we are on track to reach our target,” Mr Goyal had said.  

According to the Commerce Ministry, India, in December 2021, had achieved exports of $37 billion, its highest ever in a month, and a jump of 37 per cent from December of the previous year. Last December, India’s merchandise exports stood at $37.29 billion, while the corresponding figures from 12 months prior were recorded at over $27.22 billion. 

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