India’s Services exports for the first time achieved the targeted USD 250 Billion during April-March 2021-22, exhibiting a positive growth of 21.31 per cent over fiscal 2020-21.
For the month of March 2022, the estimated value of Services export is USD 22.52 Billion, exhibiting a positive growth of 8.31 per cent vis-a-vis March 2021.
India’s overall exports (Merchandise and Services) touched an all-time high of USD 669.65 Billion in April-March 2021-22, jumping by 34.50 per cent over the same period last year. For the last month, March 2022, India’s exports grew by 15.51 per cent in March 2022 to USD 64.75 Billion over the same period last year. Addressing a press conference here today, the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said India has achieved this exports high despite the slowdown in the economy worldwide due to the Covid-19 pandemic and the recent geopolitical developments in Europe. “Services sector has achieved the all-time high despite Services like Tourism, Aviation and Hospitality industry being severely affected due to the COVID-19 pandemic,” he said. Goyal said India has been able to exceed the overall exports target of $ 650 Billion due to the visionary leadership of Prime Minister Narendra Modi that we turn India into an export focussed economy. “The PM himself conducted meetings with India’s 180 missions abroad. Hectic parleys were held with the Export Promotion Councils and then the bar was set high, and yet doable,” he said. Goyal said if we have to make India a developed nation, we will have to increase our international engagement. The government has struck vital trade deals with the UAE and Australia towards this end, he said, adding more FTAs and Comprehensive Trade Agreements are in the works with the EU, UK, Canada and Israel. “Starting from ‘whole of the Government’ approach, today ‘Whole of the Nation’ has joined hands to make India emerge as a trusted partner at the international level, dedicating itself to turn into an economy that provides quality goods and services to the world,” he said.
Goyal said that India is now an international aligned economy and the world is our market today, not India.
Responding to a question on sunflower import disruption from Ukraine due to Russia’s invasion, Goyal said our farmers will respond.
We are consulting with farmers, farmer unions and state govt to increase the production of oil seeds, he said.
During the press conference Commerce Secretary BVR Subhramanyam denied media reports that India and Russia are working to develop a rupee-rouble platform to thrash out payment settlement solution for Indo-Russian trade. Commerce Secretary said that there is not any official talks and we categorically deny this news. RBI has also denied such news. We are only in discussion to how our exporters who had exported their products to Russia can get their payments which is stucked due to the sanctions posed on Russia by United States and other European countries.