Indian Economy News

Indian goods exports reach $400 bn for first time ever, says PM Modi

  • IBEF
  • March 24, 2022

Prime Minister Mr. Narendra Modi announced that India had surpassed the US$ 400 billion mark in goods exports for the first time, calling it a "key milestone" for his government's Aatmanirbhar Bharat initiative for manufacturing self-sufficiency. He made the statement on Twitter as India's services and industrial activities remained stable in February, despite the fact that the crisis in Ukraine has clouded the outlook for prices and growth in the consumer-driven economy.

"India set an ambitious target of US$ 400 billion of goods exports & achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success,” he said posting a graphic showing the target being met nine days ahead of the deadline. The needle on a dial measuring so-called 'Animal Spirits' stayed fixed at 5 for the eighth month in a row, according to all eight high-frequency indicators collated by Bloomberg News. To smooth out volatility in single-month data, the gauge employs a three-month weighted average.

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