India recorded highest ever merchandise export in 1st quarter of the current financial year

  • With India registering highest quarterly merchandise exports of $95 billion during the first quarter (April-June) of 2021-22, the country is now eyeing a target of $400 billion merchandise exports in the current fiscal. The country has also received the highest ever Foreign Direct Investment of 81.72 billion US dollars in the last financial year, commerce ministry said in a statement.
  • As per the official data released, the exports rose by 47.34% to $32.46 billion in June following strong growth in sectors such as engineering, gems and jewellery and petroleum products. However, India was a net importer in June 2021 with a trade deficit of $9.4 billion.
  • Numbers of startups recognised by Department for Promotion of Industry and Internal Trade (DPIIT) have gone up to 50,000 (spread across 623 districts). With these startups, nearly 1.8 lakh formal jobs have been created by over 16,000 recognised startups in 2020-21.
  • The Commerce and Industry Minister Piyush Goyal said that the Commerce Ministry has decided that in collaboration with private sector, EPC, industry associations, MSME, engineering, agriculture, automobile, and steel sector, this year the country will be targeting to achieve merchandise exports of $400 billion.