New Delhi: Buoyed by the surge in merchandise exports from country in the last financial year, the government has set $470 billion exports target for the financial year 2022-23. “We have already commenced work on next year’s target which has been set at US$ 470 billion. Missions have been asked to give due attention to achieving the targets set for them and enhancing India’s trade and investment engagement with countries they are working in,” Foreign Secretary Harsh Vardhan Shringla said. Speaking at Bharat Chamber of Commerce on ‘Post-Covid Economic Recovery’ Foreign Secretary said that Indian Missions abroad worked closely with the Department of Commerce to achieve the export target of US$ 400 billion in FY22. On the back of strong demand from advanced economies, rise in commodity prices and robust global trade recovery post-Covid pandemic India saw exports hitting record high in the previous financial year. United Nations Conference on Trade and Development (UNCTAD) in a recent report said that the positive trend for international trade in 2021 was largely the result of increases in commodity prices, subsiding pandemic restrictions and a strong recovery in demand due to economic stimulus packages. “As these trends are likely to abate, international trade trends are expected to normalize during 2022,” the global trade body noted. UNI NK
