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Union Minister for Commerce and Industry Piyush Goyal asserted that this year (2021-22) India will achieve a $400 billion export target, something which has never happened before. According to Goyal, UAE has committed $100 Billion for investment and infrastructure creation in India which will help achieve its export target. He said that the UAE will become a gateway for Indian trade to the Middle East and Africa.
"This year we'll achieve $400 billion export target, something which has never happened before in India. Talks on India-UAE Free Trade Agreement is underway," Goyal said.
"UAE will become a gateway for Indian trade to the Middle East and Africa and we may set up a huge India mart to tap that market," he added.
Goyal made the following comments on Saturday after laying the foundation stone for the mega common facility centre at the Santacruz Electronics Export Processing Zone in Mumbai.
According to the Centre's data, India’s overall exports (Merchandise and Services combined) between April and November stood around $418.74 billion, exhibiting a positive growth of 37.21%. The merchandise exports jumped 27.16% to $30.04 billion in November on the back of good performance by sectors like petroleum products, engineering goods, and electronic items, official data showed.
The exports stood at $23.62 billion in November 2020.
Imports in November were at $52.94 billion, showing an increase of 56.58% over inbound shipments of $33.81 billion in the year-ago month.
