India Crosses $400bn Export Mark in Year 2021-22

· A Dream come True through Concerted and Coordinated Efforts: Dr A Sakthivel, President, FIEO

[FIEO Press Release dated 23 March 2022]

Commenting on India reaching a new milestone of US$ 400 Bn of merchandise exports in the current financial year, Dr A Sakthivel, President, FIEO said that it is entirely due to the vision and belief of the Hon'ble Prime Minister and his address to exporters on August 6, 2021, which galvanised the entire exporting community and made them realise that such stupendous target is achievable. The ecosystem provided by the Government through various supportive measures contributed in no less measure. What is remarkable in this year's exports is across sectors growth exhibited by both the employment-intensive and sunrise sectors of exports. These figures also reflect that exports have become more inclusive with participation of craftsmen, artisans, farmers, fishermen, women entrepreneurs and small businesses, added Dr Sakthivel.

We are also grateful to the Hon'ble Commerce & Industry Minister for constantly engaging with exporters and addressing challenges faced by them so that we remain on course. His 360 degree approach helped us to continue to export in a seamless manner focussing on the target. The Hon'ble FM also helped through infusion of liquidity through ECLGS and other schemes.

Crossing US$ 400 Bn is a remarkable achievement particularly as we will be adding over US$ 110 Bn in one year to reach here, despite huge logistics challenges including container shortage, sky rocketing freight and liquidity constraints, observed President FIEO. Another US$ 40-45 Bn will be added by the services exports this year. Thus over 50% of the incremental growth in GDP this fiscal will be contributed by the exports sector. Exports are now set to transform the Indian economy. What is more important is to build on it as we will have benefits of new FTAs/CEPAs and the PLI Scheme backing us. We will build on such remarkable achievements, exuded by Dr A Sakthivel.