The Centre, on Wednesday, informed that the country's exports are growing at a faster rate compared to earlier. Taking to the official Twitter handle of MyGov, the Centre stated that India has now beaten all G7 nations to report the highest growth in merchandise exports. According to the data released by the World Trade Organization, India led the G7 nation in terms of growth in merchandise exports which stands at 47% year-on-year in the January – July quarter.
Making the announcement, MyGov tweeted, “India's exports are growing faster than ever! #TransformingIndiapmop.” As per the data shared by the Centre, India led the chart by a long way noting 47% growth while Italy came second posting 33% and Canada came third with 32% growth. The top three nations were followed by France, Germany and Japan with 27, 26 and 25% respectively.
Meanwhile, the WTO data also showed that the 47% growth rate shown by India is the country’s all-time high in exports. As for the January – July (2020 & 2021) period, India stood first among the major world economies in terms of growth rate in exports. The country is followed by China with 34% and the European Union with 27%.
The growth rate is being seen as a projection of a positive bounce back by the economy in terms of merchandise exports.
India’s merchandise exports grew 21.3Per cent year-on-year to $33.44 billion in September. This was 28.5Per cent higher than the pre-COVID levels of September 2019. Merchandise imports however grew faster during the period to reach $56.38 billion, which is 84.75Per cent higher than September 2020 and nearly 50Per cent over pre-pandemic levels.
Earlier it was noted that India’s export growth prospects were likely to get a boost from the World Trade Organization after its report suggested a bigger global merchandise trade outlook for 2021. The WTO projections showed major growth projections in Asia in terms of merchandise trade. According to projections, India’s exports were expected to top trading partners such as the US, European Union, nations in West Asia, among others. Exports from India have been constantly rising in the last few quarters, has plummeted for the longest period of time post the COVID-19 outbreak.