Union Trade and Industry Minister Piyush Goyal said the Omicron variant of COVID-19 will be a short-term disruption for businesses, adding that supply chains and industrial activities will continue at full speed.
âOmicron will be a short-term disruption for businesses, but supply chains and industrial operations will continue at full speed,â Goyal said addressing the media.
Goyal said India recorded a merchandise export of $ 37.29 billion, which is a 37% jump from December 2020 figures of $ 27.22 billion and a 37.55% jump from compared to figures of 27.11 billion USD in December 2019.
“India’s merchandise exports in April-December 2021 were $ 299.74 billion, an increase of 48.85% from $ 201.37 billion in April-December 2020 and an increase of 25.80 % compared to 238.27 billion USD in April-December 2019 “, he added.
The minister called this achievement “historic” and attributed it to the leadership of Prime Minister Narendra Modi.
He also congratulated all Export Promotion Boards (EPCs), exporters and Indian Embassy representatives around the world for their contribution to this historic achievement.
Regarding exports, India’s merchandise imports in December 2021 amounted to USD 59.27 billion, an increase of 38.06% from USD 42.93 billion in December 2020 and an increase by 49.7% compared to 39.59 billion USD in December 2019, the minister said.
India’s merchandise imports in April-December 2021 amounted to USD 443.71 billion, an increase of 69.27% ââfrom USD 262.13 billion in April-December 2020 and an increase of 21 , 84% compared to 364.18 billion USD in April-December 2019. The trade deficit in December 2021 was 21.99 billion USD, while it was 143.97 billion USD from April to December 2021 â, he added.
Goyal said the service industry has an important role to play in achieving this milestone. âFor 9 months (April-December 2021), the service sector recorded exports of 178 billion USD against 150 billion USD in (April-December 2020).
Goyal praised Uttar Pradesh’s performance and said Uttar Pradesh was the best performing state when it came to exports.
UP is doing very well in the One District, One Product program. I expect its exports to reach Rs 2 lakh crore in the current fiscal year, which represents a growth of 60%, âhe added.
Responding to a question on the comprehensive trade partnership agreement with the United Arab Emirates, he said it was close to being concluded. “India is on the verge of concluding a free trade agreement with Australia,” he added.
Goyal is hoping India will launch trade talks with Britain this month and hopes to reach an interim trade deal by March 2022. Goyal said India will also soon start trade talks with Canada and Israel. .
(With ANI inputs)