IGI Logo

Commerce and Industry Minister Piyush Goyal said India has set a target of $400 billion merchandise exports for 2021-22 (FY22).  He mentioned ‘In collaboration with private industry, MSME sector, engineering, agriculture, automobile, steel sector, we have set an export target of $400 billion. We all will work together to achieve this target.’ Further, he said India's economy is growing and exports are also growing.

He stated India recorded the highest ever exports in the first quarter of April-June 2021. The highest ever merchandise export in a quarter of $95 billion has been achieved from April to June despite the severity of the second wave of COVID-19. He added ‘Despite COVID-19, we have achieved the highest ever FDI inflow of $81.72 billion in 2020-21. FDI inflow of $6.24 billion in April 2021 is 38 per cent higher than in April 2020.’

Besides, he said startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) have gone up to 50,000 across 623 districts. He said ‘with these startups nearly 1.8 lakh formal jobs have been created by over 16,000 recognised startups in 2020-21. Several times more have benefited from the startup ecosystem. We have established a fast track mechanism for granting patents to the startup sector.’ He said there are enough avenues of facilitation without giving subsidies. India has competitive advantages and also offers comparative advantages for the world market.’ Referring to e-commerce policy, he said the government has recently announced e-commerce rules under the Consumer Protection Act.