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Overview of Ministry of Commerce and Industry’s Achievements in Q1 of 2021-22

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India has set target of USD 400 billion merchandise export in 2021-22Union Minister for Commerce & Industry Piyush Goyal stated the achievements of the Ministry of Commerce and Industry in Q1 (April – June) of 2021-22.

Key Points

  • Merchandise exports of USD 95 billion was achieved in Q1 of 2021-22, which is the highest in the history of India.
  • India’s exports growth during April 2021 was higher than other major advanced economies like European Union, Japan, USA, South Korea & UK.
  • India received the highest ever FDI inflow in 2020-21 of USD 81.72 billion.
  • Target – India has set a target of USD 400 billion Merchandise exports for 2021-22.

Performance of Service Sector

Despite the pandemic, almost 97% of 2019-20 service export levels were achieved in the last FY.

  • India is aiming to achieve USD 350 billion service exports by 2025, it is planning to make the target USD 500 billion soon in the future.

Highest Ever Merchandise Exports during Q1 of 2021-22

India achieved USD 95 billion in Q1 of 2021-22, which is the highest ever in the history of India.

  • It is 85% higher than exports of Q1 of 2021-22 and 18% higher than the exports of Q1 of 2019-20.
  • It is higher than the earlier peak of exports in Q4 of 2020-21 (USD 90 billion).

Record FDI Inflows

India received the highest ever FDI inflow in 2020-21 of USD 81.72 billion, which is 10% high compared to USD 74.39 billion achieved in 2019-20.

  • The FDI inflow during April 2021 was USD 6.24 billion which is 38% higher than April 2020.

Growth of Labour Intensive sector

Several Labour-Intensive sectors registered a rapid export growth during Q1 of 2021-22. The exports in the engineering goods sector increased by USD 5.2 billion over Q1 of 2019-20.

  • Rice exports growth increased by 37% in Q1 of 2021-22 compared to Q1 of 2019-20.

Startup India

The number of startups recognised by DPIIT (Department for Promotion of Industry and Internal Trade), Ministry of Commerce & Industry has crossed 50,000 and is spread across 623 districts in India.

  • With these startups nearly 1.8 lakh formal jobs have been created by 16,000+ recognised startups in 2020-21.

Reducing Compliance Burden

To improve the ease of doing business and reduce the compliance burden 6,426 compliances have been reduced in Phase-I. In Phase II – 3,177 compliances were reduced.

  • The timeline for Phase I was 31st March 2021 & Phase II is 15th August 2021.

Investment Clearance Cell

The National Single Window System is a one-stop digital platform to obtain clearances & approvals. In phase-I of integration, 43 Departments/Ministries & 14 States Single Window Systems were on-boarded.

Recent Related News:

January 18, 2021, Union Ministry of Commerce & Industry has stated that the ‘New Foreign Trade Policy 2021-26’ of India will come into effect from April 1, 2021. The main mission of the policy would be to make India a leader in International Trade in the next 5 years.

About Ministry of Commerce & Industry

Union Minister– Piyush Vedprakash Goyal (Maharashtra)

Minister of State – Hardeep Singh Puri (Uttar Pradesh), Som Parkash ( Hoshiarpur, Punjab)