India has achieved for the first time the targeted $250 billion in service exports during the financial year FY22. The country’s services exports have registered a growth of 21.31% from the previous fiscal.
The Ministry of Commerce & Industry data showed that in March 2022, the estimated value of Services exports is $22.52 Billion, exhibiting a positive growth of 8.31% vis-a-vis March 2021.
Overall, India’s exports (merchandise and services) have touched an all-time high of $669.65 billion in FY22 rising by 34.50% over the same period last year. During March alone, India’s exports grew by 15.51% to $64.75 billion over the same period last year.
Minister of Commerce and Industry, Consumer Affairs, Food, and Public Distribution and Textiles, Piyush Goyal said India has achieved these 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,” Goyal added.
Further, Goyal said that India has been able to exceed the overall exports target of $ 650 Billion due to the visionary leadership of Prime Minister Narendra Modi, 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 pointed out.
Goyal said, “if we have to make India a developed nation, we will have to increase our international engagement. 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.”
For all the latest world News Click Here
