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India Records Exports Worth $95 Billion in Q1 of FY22, Highest Ever: Piyush Goyal

Union Minister Piyush Goyal expresses that the Indian economy is on the road to recovery

Union Minister Piyush Goyal expresses that the Indian economy is on the road to recovery

In a press conference Minister Piyush Goyal has stated that the Indian economy is on the path to recovery and will flourish as exports and FDI inflow is up.

India witnessed the highest-ever level of exports of $95 billion in the first quarter of the financial year 2021-22, Union Commerce Minister Piyush Goyal said on Friday. The exports recorded in the fourth quarter of FY21 stood at $90 billion, the minister said.

The rice exports have also seen a positive trend since May 2020 and there has been a double-digit increase in spice and oil meals in Q1 2021 compared to what it was in the first quarter of 2019 and 2020. Marine products exports have also risen in Q1 of 2021 when compared to that of the first quarter of 2019 and the first quarter of 2020, Goyal added. The export of engineering goods has been increased by $5.2 billion year-on-year, Goyal said.

Union minister stated that the Centre have taken several measures to revive the economy battered by the Covid-19 pandemic. These steps will ramp up the medical and financial infrastructure in the country, he said.

The foreign direct investment (FDI) inflow registered a whopping $81.72 billion for the financial year 2020-21, the minister further mentioned. The top investors who contributed to India’s high FDI inflow in FY21 include Singapore (29 per cent), followed by the US (23 per cent) and Mauritius (9 per cent).

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Moreover, the number of start-ups that have been recognised by the Department of Promotion of Industries and Internal Trade (DPIIT) now stands at around 50,000 businesses, which are spread across a total of 623 districts, he added. Out of these start-ups, 10,000 of them have been added in the span of 180 days and 1.8 lakh formal jobs have been created by around 16,000 start-ups in FY21 alone. The government wants to ensure that around 10,000 of the existing compliance processes are reduced for the sake of both government agencies and businesses by August 15, he said. With this in mind, the launch of the National Single Window System is set to take place in a few weeks, said minister Goyal.

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first published:July 02, 2021, 15:15 IST