India is a major player in the global economy, with a vast array of goods and services being exported to different parts of the world. In recent years, India’s export growth has been impressive, and 2022 is no exception. In this essay, we will take a closer look at the Indian export stats for the year 2022.
To begin with, according to the Ministry of Commerce and Industry, the total value of India’s merchandise exports from April 2021 to February 2022 was $329.32 billion, which is a growth of 39.3% compared to the same period in the previous fiscal year. This increase in export growth can be attributed to various factors such as diversification of export basket, government initiatives, global demand, currency depreciation, and ease of doing business, among others.
India’s top exported commodities in 2021-2022 include:
- Petroleum products
- Gems and jewelry
- Engineering goods
- Agriculture and allied products
- Electronic goods
- Cotton yarn/fabrics/made-ups
- Plastics and linoleum
- Iron ore
The major export destinations for India in 2021-2022 were the USA, China, UAE, Singapore, and the UK. However, it’s important to note that these statistics are subject to change and may be updated as more recent data becomes available.
India has diversified its export basket, reducing its dependence on traditional exports such as textiles and clothing. The country has expanded its exports in sectors such as pharmaceuticals, engineering goods, chemicals, and IT services, among others. This diversification has enabled India to offer a wide range of products to the global market, catering to the varied demands of different countries.
The Indian government has launched several initiatives such as Make in India, Digital India, and Skill India, to promote manufacturing, technology, and skill development. These initiatives have helped to increase production and improve the quality of goods and services, making them more competitive in the global market. The Make in India initiative, for instance, has been instrumental in attracting foreign investments in the manufacturing sector, which has contributed to the growth of exports.