The country has set a target of exporting goods and services worth a record 500 billion for the fiscal year 2022-23. India is facing a number of opportunities in the reshaping of the global trade map due to the epidemic crisis, said Amiya Chandra, Additional Director General, Directorate General of Foreign Trade, on Friday.
The country had a monthly export trade. 37.8 billion in December 2021, the highest level ever. Exports in December (2021) increased by 37% compared to last year. In the nine months to December, the country's exports reached १ 301.38 billion, with the central government setting a target of ४० 400 billion for the entire fiscal. According to Amiya Chandra, exports could actually exceed 500 billion. In the next four years, the country has set a target of more than doubling its exports to आर्थिक 1 trillion for the fiscal year 2026-27.
Corona has also had an adverse effect on the economies of the world's developed nations. However, there is no fear for India that the result will be a sharp drop in foreign trade. So this period gave the country a chance to become self-reliant. Similarly, the world is moving away from multilateral trade agreements to bilateral agreements. India is currently on the verge of concluding free trade agreements with six countries, Chandra said.
Artificial intelligence and other technical issues will play an important role in world trade. In addition, a separate website for micro, small and medium enterprises (MSMEs) will be launched soon, said Chandra.