The country’s export business jumped 58.23 percent to $ 34 billion in March. Major sectors such as engineering, gems and jewelery and pharmaceuticals recorded good growth this month, which led to increased exports. According to preliminary data from the Commerce Ministry, exports fell 7.4 percent to $ 290.18 billion in the full fiscal year 2020-21, compared to $ 313.36 billion in the previous fiscal year 2019-20. Imports fell 18 per cent to $ 388.92 billion in the financial year 2020-21 and $ 474.71 billion in 2019-20.
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Last year, in March 2020, exports were $ 21.49 billion. Due to the global softening of the Kovid-19 crisis, there was a 34 per cent drop compared to March 2019. In a statement, the ministry said, “India’s exports grew by 58.23 per cent to $ 34 billion on an annual basis in March 2021. In March 2020, it was $ 21.49 billion.
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This is the first time exports have reached $ 34 billion. According to the report, imports also increased by 52.89 per cent to reach 12 48.12 billion. That was in March 2020 a year ago. 31.47 billion. The shortfall in turnover increased to 12 14.12 billion in the month under review, up from 98 9.98 billion a year ago in March 2020. Oil imports rose 1.22 per cent to 1,10.17 billion in March. Oil imports fell 37 percent to $ 82.25 billion in the full fiscal year 2020-21. Non-oil imports rose 777.12 per cent to $ 37.95 billion. Imports fell 10.89 per cent to USD 306.67 billion for the full fiscal year.
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Gold imports rose to $ 7.17 billion in March. Commerce and Industry Minister Piyush Goyal wrote on Twitter, “… exports of goods reached 58 billion a year in March 2021, the highest in any month in Indian history.
4 PM @NarendraModi Ji’s vision for Admanibarsha Bharat has led to unprecedented growth in the Indian economy.
World’s highest exports to date: 58% year-on-year growth in March 2021, all-time high of $ 34 billion pic.twitter.com/dVDfC8SnZa
– Piyush Goyal April 1, 2021
Prime Minister Narendra Modi’s policies are taking the country to new heights despite the epidemic. Despite the shortage of containers and the problem of the Suez Canal, exports exceeded $ 290 billion, said Ajay Sahai, Director General of Federation of Indian Export Organizations (FIEO). “This is a pretty good development considering the challenges of the Kovid-19,” he said.
