Exports growth in March 2021 inspiring, looking forward to a significantly higher exports growth in 2021-22: PHD Chamber

No. PR- 011

April 16, 2021

New Delhi

 

Exports growth in March 2021 inspiring, looking forward to a significantly higher exports growth in 2021-22: PHD Chamber

 

 

Increase in the value of exports by 60% at USD 34.4 billion in March 2021 from USD 21.4 billion in March 2020 is inspiring and indicating a higher growth trajectory in 2021-22,  said Mr. Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in a press statement issued here today.

 

March 2021 exports growth is also higher by 5% on the value of exports at USD 32.7 billion in March 2019, exhibiting a  strong build-up of our exports,  said Mr. Sanjay Aggarwal

 

Despite a significant deceleration in GDP and fall in global demand for goods and services caused by daunting impact of pandemic covid-19, the recovery in India’s exports is really appreciable on the back of effective policy reforms undertaken by the government, said Mr. Aggarwal

 

Significant deceleration in trade deficit  from USD 77.7 billion in FY 2019-20 to USD 12.7 billion in FY 2020-21 of which merchandise trade deficit has improved from USD 162 billion in FY 2019-20 to USD 98.5 billion in FY 2020-21 is an indication that domestic strengths of the economy are becoming strong and hold much potential to produce more to fulfil domestic demand and export in the international markets, said Mr. Aggarwal

 

The significant recovery in exports has come on the back of effective policy measures undertaken by the government during the last one year which has significantly reduced the impact of pandemic Covid-19 on trade and industry. 

 

As per the latest release of Ministry of Commerce and Industry, the overall exports of goods and services for the year 2020-21 are estimated at USD  493.2 billion in  2020-21 and overall imports of goods and services for the year 2020-21 are estimated at USD 505.9 billion in  2020-21 with an overall trade deficit of USD 12.7 billion , said Mr. Aggarwal

 

As global GDP growth is projected higher at 5.5% by IMF, we have potential to post a double digit exports growth of 10 to 12% in the current financial year 2021-22 with increased global demand and enhanced export competitiveness of our enterprises on the back of various reforms undertaken by the government, said Mr. Aggarwal

 

Overall exports of goods and services are expected to touch USD 550 billion mark in 2021-22, said Mr. Sanjay Aggarwal

 

India’s exports faced a challenging time on account of subdued global economic outlook, disrupted supply chains and overall depressive demand scenario in the international markets, said Mr. Sanjay Aggarwal.

 

The Government has undertaken a series of economic and business reforms with a thrust to promote trade and ease of doing business in the country.

 

There has been a major push for trade facilitation with continuous efforts to improve trade infrastructure, single window clearances, reduction in the number of documents required for clearances, digitalization of various application processes, simplification of various export incentive schemes, among others, said Mr. Sanjay Aggarwal.

 

Going ahead, Structural improvements in export and logistics infrastructure, developing the supply chains for Micro, Small & Medium Enterprises (MSMEs), PLI scheme and  continued reforms for ease of doing exports would go a long way to push growth trajectory of exports to the next level, said Mr. Aggarwal.

Ends

Media Division

 

PHD Chamber of Commerce and Industry