Exports

According the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of APEDA products has witnessed 44.3 per cent growth during April-June 2021 over the same period of previous year. The overall export of APEDA products increased from $3,338.5 million in April-June 2020 to $4,817.9 million in April-June 2021.

In a meeting, Goyal asked the export community to target $2 trillion exports by 2030, comprising $1 trillion merchandise and $1 trillion services exports. He announced two separate divisions that are being set up in the Commerce Ministry are focused on the services sector in order to attain the $1 trillion services export target. Goyal urged all export promotion councils to take immediate and effective steps.

Exports during July 2020 stood at $23.64 billion. The data by the Ministry of Commerce and Industry also showed that in comparison to July 2019, last month's exports rose by 35.05 per cent. "Exports in July 2021 were $35.43 billion, as compared to $23.64 billion in July 2020, exhibiting a positive growth of 49.85 per cent. As compared to July 2019, exports in July 2021 exhibited a positive growth."

Ind-Ra said that India's exports, which have been languishing for quite some time, can take advantage of the favourable trade growth outlook of 2021 and consolidate its position further than what has been witnessed in Q1FY22. "In YoY growth terms, India's exports grew 60.29 per cent, 195.72 per cent, 69.35 per cent and 48.35 per cent in the months of March, April, May and June 2021, respectively.

Engineering exports, which rose to $6.27 billion in June 2019, and $5.84 billion in June 2020, rose to $8.90 billion in June 2021. "Cumulative engineering exports during April-June 2021-22 were to the tune of $24,772.6 million, witnessing a massive growth of 82 per cent vis-a-vis April-June 2020-21, and growth of 24.8 per cent vis-a-vis April-June 2019-20," an official statement said.

Similarly, exports last month recorded a growth of 29.85 per cent growth over the June 2019 mark of $25.03 billion. The country's merchandise exports in May 2021 had risen to $32.27 billion. As per the data, the value of non-petroleum and non-gems and jewellery exports in June 2021 was $25.65 billion, as compared to $18.48 billion during the corresponding month of 2020, registering a positive growth of 38.84 per cent.

Commerce and Industry Ministry Piyush Goyal said that sector specific interventions, involvement of all the stakeholders and functioning of the government as a whole helped in achieving the growth. Simplification of procedures, and extension of timelines and licences has also resulted in the record performance of exports, he added.

The PMI had averaged 51.5 in the opening quarter of fiscal year 2021-22, the lowest three-month figure since the same period one year ago. Accordingly, the headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell to 48.1 (index reading) in June as against a reading of 50.8 in May.

Noting that there has been strong spending across companies in the IT sector, the report said that the strength in spending will show in the strong growth of IT services companies. The compressed timelines have forced the companies to simultaneously transform multiple parts of their enterprise and reskill people instead of a sequential approach.

AEPC Chairman A. Sakthivel said: "We are happy to note that the Textile Commissioner's office has been advised to find evidence of cartelisation which is resulting in these spikes and hurting the overall interest of the industry. With thee ministry's support, such a study can set precedents for a data driven management of the supply chain imbalances."