India may hit $600 billion in cumulative exports this financial year
Posted by DFMI STORE on
- Until February 2021, India had only ever had five months where goods exports had surpassed $30 billion. These five months were spread over the preceding decade.
- Since March 2021, India has had five straight months where goods exports have exceeded $30 billion every month. In fact, July 2021 was the first month ever that India crossed $35 billion in goods exports.
- While the goods exports have topped $130 billion in the first four months of this financial year, services exports have gone past $55 billion in the first quarter as reported by the Reserve Bank of India.
- Global trade has been impacted directly by the pandemic, as well as due to derivative issues like delays and capacity constraints in the shipping industry
- And yet, the Indian exports have not just turned a corner, but have shown remarkable strength in a host of sectors. Agriculture, engineering goods, gems and jewelry, petroleum products and textiles – the numbers have been strong in each of these areas this financial year.
- It is not just export bounce-back and upward trajectory. It is also the year for India’s promising technology sector to shine.
- The first half of this year has seen fresh investments of $11 billion in Indian start-ups. Twenty unicorns – firms with a valuation of more than $1 billion – have flown in the Indian entrepreneurship skies already this year.
- And these encouraging numbers have come in at a time when the all-pervasive Chinese capital took a break from the Indian markets after investment restrictions were imposed after the Galwan Valley incident in the summer of 2020.
"The Indian start-up ecosystem is now the third-largest in the world. The number of start-ups recognized by the Department of Promotion of Industry and Internal Trade has crossed 50,000 and is spread across 623 districts in India"
- Once these startups achieve scale, they will be the fuel to power India’s growth trajectory. They are the lynchpins of tomorrow’s business ecosystem. That several of them have started to consider listing in India is an additional positive
- By liberalizing the FDI policy in several sectors and improving ease of doing business, India has been able to garner historic Inflows.
- Trade and Industry have the power to write the growth story of a nation. As the world learns to live with the virus
- India has a key role to play in the global order as a reliable and trusted partner. The Tridevs of the economy – exports, FDI and start-ups – have sent a resounding signal of India’s potential and promise to the world.
Source : First Post
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Team DFMI