Banner
Workflow

India’s Services exports for the first time achieves $ 250 Billion target

Contact Counsellor

India’s Services exports for the first time achieves $ 250 Billion target

  • The Services sector achieved the all-time high despite Services like Tourism, Aviation and Hospitality industry being severely affected due to the Covid-19 pandemic.

Current Export Statistics

  • India’s overall exports (Merchandise and Services) touched an all-time high of USD 669.65 Billion in April-March 2021-22, jumping by 34.50 per cent over the same period last year.
  • Services exports achieved the target of $ 250 Billion during April-March 2021-22 exhibiting a positive growth of 21.31 per cent over the fiscal 2020-21.
  • For the last month, March 2022, India’s exports grew by 15.51 per cent in March 2022 to USD 64.75 Billion over the same period last year.

Reason for the Growth

  • The PM 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 doable.
  • Government has struck vital trade deals with the UAE and Australia.
  • More FTAs and Comprehensive Trade Agreements are in the works with the EU, UK, Canada and Israel.

Merchandise Trade

  • Merchandise exports for the period April-March 2021-22 was USD 419.65 Billion as against USD 291.81 Billion during the period April-March 2020-21, registering a positive growth of 43.81 percent.
  • Merchandise imports for the period April-March 2021-22 was USD 611.89 Billion as against USD 394.44 Billion during the period April-March 2020-21, registering a positive growth of 55.13 percent.
  • The merchandise trade balance for April-March 2021-22 was estimated at USD (-) 192.24 Billion as against USD (-) 102.63 Billion in April-March 2020-21, which is a decline of (-) 87.32 percent.

This is image title

  • Non-petroleum and non-gems & jewelry exports during April-March 2021-22 was USD 315.11 Billion, an increase of 31.31 percent.
  • Non-petroleum, non-gems & jewelry (gold, silver & precious metals) imports were USD 370.36 Billion in April-March 2021-22, recording a positive growth of 43.85 percent.

This is image title

Services Trade

  • The estimated value of services export for April-March 2021-22 is USD 250.00 Billion, exhibiting a positive growth of 21.31 per cent.
  • The estimated value of services imports for April-March 2021-22 is USD 144.79 Billion exhibiting a positive growth of 23.20 per cent.
  • The services trade balance for April-March 2021-22 was estimated at USD 105.21 Billion as against USD 88.57 Billion in April-March 2020-21, which is an increase of 18.80 per cent.

This is image title

Exam Track

Prelims Takeaway

  • Merchandise Trade
  • Services Trade
  • FTAs and Comprehensive Trade Agreements

Mains Takeaway

Q. India’s increasing trade and FTAs with other countries indicating India’s progressive steps towards becoming a developed country, Elaborate.

Categories