India has accomplished the milestone of USD 418 billion in export this year. Per the latest figure, it is somewhat close to USD 419.5 billion, said Union Commerce and Industry Minister Piyush Goyal on Wednesday.
Goyal, during a press conference, said, “You all are aware that we have achieved the export target of USD 418 billion this year. According to the new figures that have just come out, we are close to USD 419.5 billion.”
He said after achieving the ‘goods export target’ of over USD 400 billion, India touches another milestone by fulfilling the ‘service export target’ of USD 250 billion for the financial year 2021-22.
According to the data available at the Ministry of Commerce and Industry, From April 2021 to February 2022, India’s exports clocked at $377.43 billion, and standalone in March, it was $40.38 billion.
The Union Minister shed light on how the new economic cooperation and trade agreements with Australia and UAE will benefit Indian youth. He said such trade deals would provide avenues for ten lakhs job opportunities for the people in sectors like textiles, pharmaceuticals, leather goods, and jewelry.
“Countries across the globe are working in partnership with India. The India-UAE agreement will give a minimum of 10 lakh jobs and India-Australia FTA (Free Trade Agreement) will provide another 10 lakh jobs in textile, pharmaceuticals, leather goods, gems, and jewelry sectors,” Goyal said.
The Union Minister said yesterday in New Delhi while delivering the keynote address at the Golden Jubilee Celebrations of the ‘Confederation of Indian Textile Industry- Cotton Development and Research Association’ (CITI- CDRA), that new economic cooperation and trade agreements with Australia and the United Arab Emirates would open infinite opportunities for sectors like textiles, handloom, and footwear.
He remarked that Indian textile exports to Australia and UAE would be facing zero duty now, and hopefully soon, Europe, Canada, the UK, and GCC countries would also allow Indian textile exports at zero duty.
Goyal said the Indian textile Industry has the ability to accomplish 100 billion dollars in exports by the next eight years.
He praised CITI-CDRA for continuing its efforts to develop a robust cotton ecosystem by working with about 90,000 cotton farmers.
Cotton is more than fiber. It has long been an essential part of Indian culture, lifestyle and history, said the Minister.
Great achievement by India to reach the export target of $418 Bn. In future we need more economic cooperation and trade agreements with developed countries like; USA, UK, and Germany to create more opportunities for the youth of India.