Prime Minister Narendra Modi on Friday will launch a national effort to achieve the target of $400 billion worth merchandise exports in the current fiscal. India has met nearly a third of its annual target in the first four months of 2021-22.
Modi will virtual interact with heads of Indian Missions abroad, along with various other stakeholders in the trade and commerce within the country .
Over the last nine years, merchandise exports from India have hovered around $260-330 billion, with the highest ever being $330 billion in 2018-19. Robust exports can boost economic growth at a time when other factors such as private consumption as well as investment have been tepid due to the disruption caused by the Covid-19 pandemic.
July saw the highest ever merchandise exports at $35.17 billion, with the cumulative exports in the first 4 months at $130 billion. The government has set up a target of $1 trillion in 2027-28 for merchandise exports and $500 billion exports in the next two years.
The department of commerce has worked out a detailed strategy to reach the $400 billion target this fiscal. This will include focus on existing and new markets, existing and new products and also on lost market shares in the past few years, both in countries and in products.
The targets have been disaggregated via regions and countries, commodity groups, and export promotion councils. Ambassadors and high commissioners have also been given the targets for their territory, breaking it up into various commodity groups. The government is also working out detailed strategies for trade deals, promoting districts as export hubs, import monitoring and using market intelligence for exporters.