India on Path to meet $400b Export Target fo FY22

India can achieve its Exports target of $400 billion this fiscal year as the recovery in the country Exports is board based and substantial , commerce secretary Anup Wadhawan said on Friday.
Exports from the country jumped nearly threefold year-on-year $30.63 billion in April while imports rose to $45.72 billion, official data showed. Exports in April last year has plunged by a record 60.28% due to the Covid-induced lockdown.
Wadhawan does not expect the second wave of the pandemic to impect Exports much.” I don’t think so because we have achieved a balance between public health and economic activity , “he said .” I don’t foresee any major impact on our Exports prospect. Our performance indicates good prospects.”
Wadhawan said India’s foreign trade sector is recovering in a balanced manner and the recovery is in favour of Exports. ” We are seeing a secular improvement in trade balance , “he said .
India’s trade deficit widened to $15.10 billion against $6.76 billion in April 2020.
Wadhawan said India is hopeful of an early outcome on its intellectual property right ls waiver proposal for Covid-19 vaccines at the world’ trade organisation. The US has backed the call for wavier while the EU is discussing this at WTO.
On the wavier being applicable to Covaxin, which is jointly developed by Bharat Biotech, ICMR and NIV he said , “Whenever they come onto place , they will apply to everyone”.
Low base effect aided Exports to jump 195.72% month with all 30 major Exports groups witnessing growt. Major Exports commodities that have recorded positive growth in April include gems and jewellery, jute carpet , handicrafts, leather, electronic, goods, oil meals , cashew, engineering, petroleum products, marine products and chemicals.
“Pharmaceutical (and)rice are all doing well while gems and jewellery, leather, manmade yarn are picking up , which augurs well for 2021-22, Wadhawan said.
The commerce secretary said there are no major issues on logistics for Exports due to restrictions due to Covid-19, adding that Sector, which have done some market diversification.
Oil imports stood at $10.8 billion as compared to $4.66 billion in the corresponding month last year .
Non-oil, non-gold , silver and precious metals imports -a measure of strength of domestic demand-rose 129.7% .Gold import last month increased a whopping 214,905% over the same period last year.S-ET

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