PM Steps in to Launch National Mission to Meet US$ 400 Billion Export Target

Prime Minister Mr. Narendra Modi will launch a national campaign on Friday to meet a US$ 400 billion merchandise export target for the current fiscal year. In the first four months of 2021-22, India achieved roughly a third of its yearly objective.

PM will meet virtually with the heads of Indian embassies across the world, as well as many other stakeholders in domestic trade and commerce.

Merchandise exports from India have been hovering around US$ 260-330 billion for the past nine years, with the highest ever being US$ 330 billion in 2018-19. Exports can help increase economic growth at a time when other elements including private spending and investment have been sluggish owing of the COVID-19 pandemic’s disruption.

July 2021 recorded the highest-ever merchandise exports of US$ 35.17 billion, bringing the first four months’ total to US$ 130 billion. The government has set a goal of US$ 1 trillion in merchandise exports in 2027-28 and US$ 500 billion in the next two years.

The Commerce Department has devised a detailed plan to meet the US$ 400 billion target this fiscal year. This will include a focus on existing and new markets, existing and new products, as well as market share losses in recent years, both in terms of countries and items.

Regions and countries, commodity groups, and export promotion committees have all been used to break down the goals. The targets for their territory have also been handed to ambassadors and high commissioners, who have been divided into numerous commodities groups. The government is also developing precise trade policies, such as promoting districts as export centres, monitoring imports, and providing market knowledge to exporters.