India’s exports to cross 750 billion US dollars this year

The government has said that country’s overall exports will cross 750 billion US dollar this year. Last year it was at the level of 676 billion US dollar. Briefing reporters in New Delhi, Commerce Secretary B V R Subrahmanyam said, goods exports is expected to touch 450 billion dollar while exports in service sector will reach 300 billion dollar this year. Giving details of exports data, Mr Subrahmanyam said that exports in August this year remained flat at 33 billion US dollar while during the month of April to August, the exports stood at 192 billion dollar up by 17.1 per cent compared to last year. He said, imports in the month of August, 2022 stood at 61.88 billion registering an increase of 37 per cent over the previous year while in the five months of the current fiscal, India’s imports were at 318 billion US dollar showing a rise of 45 per cent. He said, coal and petroleum imports are driving the rise in imports but overall rise in imports is a sign of healthy demand in the economy as 25% of country’s imports are for consumer items, while 75 per cent are for raw materials.