India’s nominal gross domestic product (GDP) at current prices is estimated to be at Rs. 232.15 trillion (US$ 3.12 trillion) in FY2021-22. India’s trade and external sector had a significant impact on the GDP growth as well as expansion in per capita income. According to the Ministry of Commerce and Industry, India’s overall exports between April 2021 and December 2021 were estimated at US$ 301.3 billion (a 49.6% YoY increase). Whereas overall imports between April 2021 and December 2021 were estimated at US$ 443.82 billion (a 68% YoY increase).
As of January 28, 2022, foreign exchange reserves in India stood at US$ 634.287 billion.
Recent developments in the external sector are as follows:
Recent developments in foreign trade policy are as follows
India is presently known as one of the most important players in the global economic landscape. Its trade policies, Government reforms, and inherent economic strengths have attributed to its standing as one of the most sought-after destinations for foreign investments in the world. Also, technological, and infrastructural development being carried out across the country augurs well for the trade and economic sector in the years to come.
The Government of India has been working on striking important deals with the Governments of Japan, Australia, and China to increase contribution towards the economic development of the country and growth in the global market.
India has the potential to increase its goods and services export to Australia to US$ 15 billion by 2025 and US$ 35 billion by 2035.
Note: Conversion rate used for February 2022 is Rs. 1 = US$ 0.013