Economy

According to Mr. Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Government of India, Indian exports are likely to reach US$ 410 billion this fiscal year despite geopolitical disturbances. During April-February 2022, the country’s merchandise exports totalled US$ 374.05 billion, up 45.80% from US$ 256.55 billion the previous year. India’s service exports will cross US$ 250 billion.

The Union government is in the process of asking its diplomatic missions abroad to facilitate export of the country’s record domestic stockpiles of wheat, as international prices soar, an official aware of the development said. Western Europe, Turkey and Philippines are some large importers of Russian and Ukraine wheat and corn (maize).

According to Crisil, the Indian specialty chemicals industry would outperform its Chinese counterpart and double its worldwide market share to 6% by 2026, up from 3-4% in FY21. This will be fueled by robust revenue growth of 18-20% this fiscal year and 14-15% the following year, compared to single-digit growth in the prior two fiscal years.

Health-focused foods and beverages accounted for 11% of India’s US$ 88 billion packaged foods and beverages market in CY20. By CY26, this proportion is predicted to rise to 16%, or US$ 30 billion.

Information technology businesses maintained their sales growth momentum in the third quarter of 2021-22, with a year-over-year gain of 20.7%. Furthermore, in the October-December period of 2021-22, sales of non-IT services companies increased by 22% year over year.