New Delhi :To showcase the achievement of the Ministry Of Commerce and Industry in Q1 (April – June) of 2021-22 Union Minister of Commerce and Industry, Railways and Consumer Affairs, Food and Public Distribution Shri Piyush Goyal held a media conference on 2nd of July Friday. He mentioned how an ambitious target of USD 400 billion exports has been set for 2021-22.
As a whole helped in achieving the growth as Goyal said that sector-specific interventions, involvement of all the stakeholders, and functioning of the Government. He also thanked Prime Minister Shri Narendra Modi for taking lead from the very beginning, and holding discussions with various stakeholders through online webinar after the union Union budget, and encouraging to give their best.
Minister said that the performance of the services sector has also been excellent, and despite the pandemic, almost 97 per cent of 2019-20 service export levels were achieved in the last FY. He said that after deliberations with the stakeholders, he is confident that USD 350 billion service exports can be achieved by 2025 and may even go up to USD 500 billion very soon.
Highest Ever Merchandise Exports In The History Of India
USD 95 billion in Q1 of 2021-22 has been achieved, Highest Ever Merchandise Exports In The History Of India 85% higher than exports of Q1 of 2020-21 and 18% higher than the exports of Q1 of 2019-20.
Labour intensive sectors seeing rapid export growth
By USD 5.2 billion over Q1 of 2019-20 rose by 37% in Q1 of 2021-22 compared to Q1 of 2019-20.
India’s Exports Performance Vis-a-vis Major Economies in April 2021
Record FDI Inflows
India received the highest ever FDI inflow in 2020-21 of USD 81.72 billion. This is higher by 10% compared to USD 74.39 billion achieved in 2019-20. The positive momentum continues with an FDI inflow of USD 6.24 billion during April 2021, which is 38% higher than April 2020.
The number of startups recognized by DPIIT has crossed 50,000 and is spread across 623 districts in India. With these startups nearly 1.8 lakh formal jobs have been created by 16,000+ recognized startups in 2020-21. Several times more have benefited from the Startup ecosystem.
Reducing Compliance Burden
To improve the ease of doing business and reduce the compliance burden 6,426 compliances have been reduced in Phase-I. 3,177 compliances are being been reduced in Phase II. The timeline for Phase I was 31st March 2021 & Phase II is 15th August 2021
Investment Clearance Cell
The National Single Window System is a one-stop digital platform to obtain clearances & approvals. In phase-1 of integration, 43 Depts/Ministries & 14 States Single Window Systems are being on-boarded. The pre-launch version is undergoing extensive testing and we are gearing up for a soft launch. The Hon’ble Minister concluded by saying that the world sees India as the trusted and reliable partner and has more confidence in India’s capability to provide quality products and services on time. With the goods and services gaining momentum, a large number of employment opportunities will be generated, the economy will strengthen, revenues will increase, and the government will be able to help the disadvantaged sections in a more substantive manner.