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Updated July 3rd, 2021 at 17:38 IST

Piyush Goyal: India has set a target of $400 billion export in 2021-22

Goyal also spoke about India’s exports in the first quarter, (April- June 2021), which is deemed to be the highest merchandise export in the country’s history

Reported by: Piyushi Sharma
Piyush Goyal
Image: @PiyushGoyal Twittter | Image:self
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On Saturday, Union minister Piyush Goyal spoke about the country’s target to work with all stakeholders to reach $400 billion in export for the fiscal year of 2021-22. He clarified this to be the target for merchandise export specifically, which has never been hit or crossed previously.

Union minister Piyush Goyal on Saturday also retweeted Prime Minister Narendra Modi's tweet on July 2 regarding the MSME sector. 

Hailing the union government for 'a landmark step of including retail and wholesale trade as MSME', PM Modi tweeted over the decision on Saturday. Minister of MSME and Road Transport and Highways Nitin Gadkari on July 2 announced revised guidelines for MSMEs with the inclusion of retail and wholesale trades as MSMEs. According to the new guidelines, more than 2.5 crore traders will be benefited. 

Specific merchandise exports bringing in inflow to the economy

During the press conference, Union minister for railways Piyush Goyal also spoke about India’s exports in the first quarter, (April- June 2021), which is deemed to be the highest merchandise export in the country’s history. He went on to speak about the export of goods worth $95 billion that led to this export record. Among this merchandise, engineering goods, rice, spice and oil meals, and marine products saw a sharp rise in export.

 

FDI inflow during Q1 and the startup ecosystem 

Stressing on the COVID second wave, Union minister for railways Piyush Goyal spoke about the FDI inflow during Q1, of USD 81.72 billion. A dominant increase in FDI inflow was noticed in April 2021, of USD 6.24 billion, which was 38% higher than April 2020. Goyal highlighted the importance of the startup ecosystem for building the job sector, with 1.8 lakh jobs created in 2020-21. The number of startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) is now at 50,000, spread over 623 districts. Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Minister of Steel also took to Twitter to speak about the new regulations that would help the MSME sector and would empower 2.5 crore traders across India. 

 

(Image: AP/ANI)

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Published July 3rd, 2021 at 17:38 IST

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