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. From April-September 2022, India's merchandise exports were at US$ 231.88 billion, a 16.96% rise as compared to the same period previous year. From April-September 2022, India's imports totalled US$ 380.34 billion, a 38.55% rise as compared to the same period previous year.
According to Minister for Commerce and Industry and Consumer Affairs and Food and Public Distribution and Textiles Mr. Piyush Goyal India is keen to increase its exports and provide more jobs for young, talented, and well-educated people as well as create opportunities for both semi-skilled and unskilled workers.
As of October 28, 2022, foreign exchange reserves in India stood at US$ 524.52 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. Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, aspires for India to achieve US$ 2 trillion in exports by 2030. This will help India to become a key player in world trade.
Note: Conversion rate used for February 2022 is Rs. 1 = US$ 0.013