India to reach $ 400 billion export target this year: Piyush Goyal
Union Trade and Industry Minister Piyush Goyal said this year (2021-2022) India will meet an export target of $ 400 billion, which has never happened previously. According to Goyal, the UAE has committed $ 100 billion for investment and infrastructure building in India, which will help them meet their export target. He said the UAE will become a gateway for Indian trade to the Middle East and Africa.
“This year we will meet the export target of $ 400 billion, something that has never happened before in India. Talks on the India-UAE free trade agreement are underway,” he said. Goyal said.
“The UAE will become a gateway for Indian trade to the Middle East and Africa and we could create a huge Indian market to tap into this market,” he added.
Goyal made the following comments on Saturday after laying the foundation stone for the mega joint facilities center in the Santacruz Electronics export processing area in Mumbai.
According to data from the Center, India’s overall exports (goods and services combined) between April and November amounted to around $ 418.74 billion, showing positive growth of 37.21 percent. Merchandise exports jumped 27.16% to $ 30.04 billion in November on the strength of sectors such as petroleum products, engineering products and electronics, according to official data.
Exports amounted to $ 23.62 billion in November 2020.
Imports in November were $ 52.94 billion, an increase of 56.58% from inbound shipments of $ 33.81 billion the month a year earlier.
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