India’s exports in the April to June period stood at $95 billion—the highest quarterly figure ever. The government is now targeting $400 billion for the full financial year, Piyush Goyal, Commerce and Industry Minister said on Friday. This is 85 per cent higher compared to the corresponding period last year.
In the first quarter of 2020-21, exports stood at $51.44 billion.
The previous record in the exports sector was that of $90 billion in January-March 2020 just before the outbreak of the Covid 19 pandemic in India.
Addressing the press, Goyal said, ““Despite the severity of the second wave of COVID-19, highest ever merchandise export in a quarter of $95 billion has been achieved in April-June 2021.”
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Imports in the first quarter of the current financial year stood at $ 126.14 billion — an increase from $60.65 billion in corresponding period in the previous year.
India’s oil imports bill during the April-June quarter stood at $ 31 billion – an increase of 136.36 per cent compared to the corresponding period last year. In the first quarter of 2020-21, oil imports stood at $13.12 billion.
Meanwhile, the minister also said that the Centre was not looking at changing the foreign direct investment (FDI) policy on e-commerce. Goyal however said that certain clarifications would be soon issued by the government.
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“We are not changing any policy on e-commerce for FDI. Policy is crystal clear ever since it was first opened up, but certain instances have come to our notice, where the policy is not being followed in letter and spirit. We will obviously be clarifying that very shortly,” he said.
Goyal also pointed out that the overall FDI inflow into India was the highest in 2020-21 at $81.72 billion, up 10 per cent compared to $74.39 billion in 2019-20. “The positive momentum continues with FDI inflow of $6.24 billion during April 2021, which is 38% higher than April 2020,” the minister said.
