India's merchandise exports have reached $390 billion till March 14 of the current financial year and will certainly cross $400 billion during the year ending March 31, 2022, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Addressing an event organised by the Automotive Component Manufacturers Association (ACMA), Goyal said India's auto components industry has, for the first time, recorded a trade surplus of $600 million.
According to data released by the Ministry of Commerce & Industry on March 14, India's merchandise exports for the period April-February 2021-22 stood at $374.81 billion as against $256.55 billion during the period April-February 2020-21, registering a growth of 46.09 per cent.
In February 2022, merchandise exports surged to $34.57 billion, registering a year-on-year growth of 25.1 per cent.
Addressing the ACMA event, Goyal noted that India's automotive industry is worth more than $100 billion and contributes 8 per cent to the country's total export and accounts for 2.3 per cent of India's GDP. India's auto industry is estimated to become the 3rd largest in the world by 2025.
( With inputs from ANI )
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