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.
- 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.
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.
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.