Prime Minister, Narendra Modi took to Twitter to celebrate India meeting their goal of achieving $400 billion USD of exports. He said this achievement is a key milestone in India’s ‘Aatmanirbhar Bharat’ voyage. The tweet has made its fair share of rounds around the internet. Government officials across the country lauded this achievement on their social media accounts.
This objective was also attained nine days earlier than the final day of the financial year, 31st March, 2022, the final day of the financial year. Exporting increased by 37% to $400 billion USD this year, as compared to the $292 billion USD the previous fiscal year earned.
Modi described their goal as ambitious and commended local farmers, weavers, MSMEs, manufacturers, exporters for all their hard work on his social media post.
The PM of India even uploaded a few images and metrics of their export statistics on his Twitter account. According to the post, the union government had much more back and forth with the states and union territories. They even ramped up their communication with exporters and even assisted in solving their problems effectively. They even actively engaged in export promotion groups and associations.
The pictures even show a breakdown of it all in terms of time. It shows an average of just over a billion USD worth of exports everyday, $33 billion USD, every thirty days and $46 billion USD every hour.
After releasing some lackluster growth in FY21 especially on account of the pandemic, India’s exports recovered effectively this following year and rose up by 37% on year to hit $400.8 billion USD nine days early.
The fields that played a paramount role in attaining this landmark include, petroleum and its good, electronic and engineering part and goods, leather, coffee, plastic, off the shelf clothes of various fabric, meat and dairy, oceanic products and tobacco.
The director of the Federation of Indian Export Organisations (FIEO) General Ajay Sahai spoke about his perspective on it by commenting that surpassing the USD $400 billion mark is an extraordinary feat as exports have increased by USD 110 billion in just a single year to attain new heights in spite of massive logistical issues, like container scarcity, soaring freight and liquidity limitation.
The Prime Minister’s tagline, ‘local goes global’ has now come to fruition. This feat is a huge win, not just in an economical sense, but shows the world the country is a force to reckoned with and puts themselves as one of the global leaders as we phase into an era post pandemic. The global political scene is quite volatile currently, but if India continues to work at the peak of their powers, the power cycle might just shift towards Asia.
