India has achieved its ambitious target of US $ 400 billion merchandise export, 9 days before the deadline of 31 March 2022–no short than a major milestone.
Narendra Modi, Prime Minister tweeted, “India set an ambitious target of US $400 billion of goods exports and achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success. This is a key milestone in our Aatmanirbhar Bharat journey.”
India set an ambitious target of $400 Billion of goods exports & achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success.
This is a key milestone in our Aatmanirbhar Bharat journey. #LocalGoesGlobal pic.twitter.com/zZIQgJuNeQ
— Narendra Modi (@narendramodi) March 23, 2022
The Indian apparel sector has also increased and has contributedto this achievement, as official data, released by Ministry of Commerce & Industry, says that India started 2022 with US $ 1.55 billion (up 24 per cent) apparel exports in January.
Also Read: India starts 2022 with US $ 1.55 billion (up 24%) apparel exports in January
The apparel sector is also happy with this achievement. Raja M. Shanmugham, President, Tirupur Exporters’ Association said it is a Red Letter Day for the exports sector. While thanking for the announcement of positive stimulus measures like RoSCTL for three years for the garment sector, RoDTEP for other industries, additional 10 per cent credit under ECLGS, Continuance of Interest Equalization Scheme with retrospective effect from 1 October 2021, Raja M. Shanmugham proudly said that in the current financial year, Tirupur knitwear exports also clocked US $ 4 billion, now contributing 1 per cent of all India merchandise exports, and specifically pointed out that the achievement has been done by MSMEs in Tirupur.
He further said a stimulus measure is needed to support the knitwear exporting MSMEs to overcome the liquidity crisis being faced by them on account of hike in inputs costs and also a requirement of balancing policy intervention to control the cotton prices and he was confident that with the envisaged supporting measures including proposed FTAs, Tirupur apparel exports would certainly double its turnover in next 2 to 3 years.
