India's exports hit a record $35.2 billion in July

[Black Tornado]

India's exports hit a record $35.2 billion in July

The government has set a merchandise exports target of $500 billion for FY23 and $1 trillion in the next five years. (Photo: Bloomberg)2 min read . Updated: 02 Aug 2021, 05:55 PM ISTAsit Ranjan Mishra

• Merchandise imports also shot up to $46.4 billion, the second-highest in history, leading to a widening of the trade deficit to $11.2 billion

New Delhi: India exported a record $35.2 billion worth of goods in July, signaling a rapid economic recovery in key Western markets which has led to a rise in demand for Indian products.

Preliminary data released by the commerce ministry showed merchandise imports also shot up to $46.4 billion, the second-highest in history, leading to a widening of trade deficit to $11.2 billion.

The top increase in exports by value were to the United States, United Arab Emirates and Belgium, while exports to Malaysia, Iran and Tanzania declined the most. Similarly, the largest increase in imports was from UAE, Iraq and Switzerland while imports from France, Germany and Kazakhstan declined the most.

During July, top export items were petroleum products, engineering goods, and gems and jewellery, while top import items included crude oil, gold and precious stones, and vegetable oil.

"Make in India, Make for the world: India’s merchandise exports in July 2021 was $35.17 bn, an increase of 34% over July 2019. PM Narendra Modi ji’s vision for Aatmanirbhar Bharat has given a boost to exports," Trade minister Piyush Goyal tweeted.

https://twitter.com/x/status/1422176298781212677

The government has set a merchandise exports target of $500 billion for FY23 and $1 trillion in the next five years. “So, in the next six years, services exports will be $500 billion, and merchandise exports will be $1 trillion. With annual $1.5 trillion total exports, India will have a significant share in world trade," Commerce secretary B.V.R. Subramanian said last month.

While International Monetary Fund (IMF) last week kept its global growth forecast unchanged at 6% for 2021, it marked down prospects for emerging market and developing economies, especially for emerging Asia and revised up forecasts for advanced economies due to divergence in vaccine rollout. “In countries with high vaccination coverage, such as the United Kingdom and Canada, the impact would be mild; meanwhile countries lagging in vaccination, such as India and Indonesia, would suffer the most among G20 economies," it said.

For India, IMF slashed economic growth projection for FY22 to 9.5% from 12.5% estimated in April, citing a slow recovery in consumer confidence due to the ferocious second wave of the coronavirus pandemic as well as a tardy vaccination programme.

India's exports hit a record $35.2 billion in July

Merchandise imports also shot up to $46.4 billion, the second-highest in history, leading to a widening of the trade deficit to $11.2 billion

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[FAmbMkBhadarkumar]

India's exports hit a record $35.2 billion in July

The government has set a merchandise exports target of $500 billion for FY23 and $1 trillion in the next five years. (Photo: Bloomberg)2 min read . Updated: 02 Aug 2021, 05:55 PM ISTAsit Ranjan Mishra

• Merchandise imports also shot up to $46.4 billion, the second-highest in history, leading to a widening of the trade deficit to $11.2 billion

New Delhi: India exported a record $35.2 billion worth of goods in July, signaling a rapid economic recovery in key Western markets which has led to a rise in demand for Indian products.


The government has set a merchandise exports target of $500 billion for FY23 and $1 trillion in the next five years. “So, in the next six years, services exports will be $500 billion, and merchandise exports will be $1 trillion. With annual $1.5 trillion total exports, India will have a significant share in world trade," Commerce secretary B.V.R. Subramanian said last month.

not sure this target is realistic in this age of anti globalization and nationalistic protective policies.

 

[Black Tornado]

@koolzberg @Cheepek @Raj-Hindustani

not sure this target is realistic in this age of anti globalization and nationalistic protective policies.

It’s not possible for western or developed nations to be completely protective, plus we are talking with EU for FTA, which will help us a lot, IT Exports services sector is growing like crazy with 40,000 dudes being hired this year alone by TCS, many more companies like Qualcomm are leasing office spaces.

 

[Black Tornado]

Export oriented projects like these are made for exports @FAmbMkBhadarkumar sb.
Prevail Electric Mobility to set up additional manufacturing unit in India for electric 2-wheelers
"Currently, we have a capacity of somewhere around 25,000 units a year. We'll be increasing it to around 40,000 to 50,000 units in a year," Prevail Electric Mobility CEO Hemant Bhatt told.

• PTI
• 
  
• August 01, 2021, 13:08 IST

To start with, the company is opening its flagship stores in Delhi and Mumbai to kick off its journey.Prevail Electric Mobility, an arm of French lubricants major FRVelion, will set up an additional manufacturing unit in India for electric two-wheelers to meet demand in the country besides catering to Nepal and Sri Lankan markets, according to a top company official. The company, which will launch its first product in India this month, plans to set up the new manufacturing unit at Behrampur near Gurugram in Haryana to add to its existing plant at Neemrana in Rajasthan with an overall investment of around Rs 50 crore in the two plants.

"Currently, we have a capacity of somewhere around 25,000 units a year. We'll be increasing it to around 40,000 to 50,000 units in a year," Prevail Electric Mobility CEO Hemant Bhatt told.

He said this has been necessitated due to the company's move to enter Nepal and Sri Lankan markets simultaneously with the launch in India. Initially, the company had planned to launch its electric two-wheelers in India only.



Like so many companies are investing in our manufacturing, wish we can do the same in our food processing and textiles etc. will increase our exports further more.

 

[Black Tornado]

The government has set a merchandise exports target of $500 billion for FY23 and $1 trillion in the next five years. “So, in the next six years, services exports will be $500 billion, and merchandise exports will be $1 trillion. With annual $1.5 trillion total exports, India will have a significant share in world trade," Commerce secretary B.V.R. Subramanian said last month.

It’s not just over ambitious but stupid as well to say, by 2030 maybe not 2027.

 

[Anik101]

Merchandise export will cross $100 billion this quarter.

 

[Black Tornado]

Merchandise export will cross $100 billion this quarter.

It better should, we should focus on export oriented garments and food processing industries as well, by incorporating new technologies.