India is aiming for $500 billion exports in the fiscal year 2022- 23, Director General of Foreign Trade – DGFT official reported on Friday.
Withstanding to COVID-19 pandemic, the country has learnt to “reimagine” world trade. Additional DGFT Amiya Chandra during a webinar, organised by the Bengal Chamber of Commerce and Industry said that in December 2021, exports were at $37.8 billion, which is the highest-ever for any month. He also added, “India is all set to touch USD 400 billion in the current fiscal year. In the first nine months so far, India’s exports were to the tune of $301.38 billion.”
The perception that pandemic would tail off drastically turned out to be erroneous. The pivot of international trade has moved to South East Asia from Europe and the USA. According to DGFT, the world is shifting towards bilateral trades instead of multilateral trade agreements, and presently India is in the act of entering into six FTAs.
Chandra mentioned that artificial intelligence and other forms of technology will become the paramount for trade related matters. A separate portal for MSMEs will be launched shortly.