Goods exports to hit $190 bn in H1 FY22: Indian commerce minister

India’s merchandise exports could hit a record $190 billion or even cross that in the first half of fiscal 2021-22, according to commerce and industry minister Piyush Goyal, who recently said that while exports would be 51 per cent higher than a year before, aided by a conducive base, it would also exceed figure the same period in fiscal 2019-20 by 19 per cent.

Addressing exporters in Mumbai, the minister said exports have already hit $185 billion by September 2021 this fiscal and exuded confidence that the country would realise the ambitious target of $400 billion by the end of the fiscal.

After a COVID-induced fall of 7 per cent last fiscal, exports this fiscal have been supported by improved order flow from advanced markets following an economic resurgence there and rise in global commodity prices, an official release said.

India’s merchandise exports could hit a record $190 billion or even cross that in the first half of fiscal 2021-22, according to commerce and industry minister Piyush Goyal, who has said that while exports would be 51 per cent higher than a year before, aided by a conducive base, it would also exceed figure the same period in fiscal 2019-20 by 19 per cent.

Commenting on industry demand for regulating shipping costs and curb the recent surge, the minister indicated that any such step could act both ways. When costs will go down, the shipping lines and others would urge the government to do something as well, he explained, indicating that market-driven rates usually work better.

Moreover, the surge in shipping costs is a global phenomenon, and not peculiar to India. Goyal said the government is also liberalising the rules to promote exports from special economic zones (SEZs).

Fibre2Fashion News Desk (DS)