Indian commerce minister: goods exports will reach $190 billion in the first half of FY22.

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Commerce and Industry Minister Piyush Goyal recently stated that while exports would be 51% higher than a year earlier, helped by a conducive base, it would also exceed figure the same period in fiscal 2019-20 by 19%. India’s merchandise exports could hit a record $190 billion or even cross that in the first half of fiscal 2021-22.

Speaking to exporters in Mumbai, the minister said that by September 2021, exports had already reached $185 billion for the fiscal, and he exuded confidence that the nation would achieve its lofty goal of $400 billion by the end of the fiscal.

An official announcement stated that after a COVID-caused decline of 7% in the previous fiscal, exports this fiscal have been helped by an improvement in order flow from advanced countries as a result of a recovery in those economies and an increase in global commodities prices.

According to commerce and industry minister Piyush Goyal, India’s merchandise exports could reach a record $190 billion or even surpass that in the first half of fiscal 2021–22. Goyal has stated that while exports would be 51% higher than a year earlier, helped by a conducive base, it would also surpass figure the same period in fiscal 2019–20 by 19%.

In response to the maritime industry’s call for regulations to control the recent spike, the minister said that any such action might have both positive and negative effects. He said that market-driven pricing typically work better by explaining that when costs will drop, the shipping lines and others will ask the government to do something as well.

Additionally, the increase in shipping prices is a worldwide issue rather than a particular to India. Goyal said that the government is easing regulations to encourage exports from special economic zones (SEZs).

Newspaper Fibre2Fashion Desk (DS)

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