{"id":176391,"date":"2022-03-28T20:50:56","date_gmt":"2022-03-28T15:20:56","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=176391"},"modified":"2022-03-28T20:50:56","modified_gmt":"2022-03-28T15:20:56","slug":"global-policies-that-helped-india-hit-400-billion-in-exports-are-changing","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/global-policies-that-helped-india-hit-400-billion-in-exports-are-changing\/","title":{"rendered":"Global policies that helped India hit $400 billion in exports are changing\u00a0"},"content":{"rendered":"\n

News<\/span><\/b>: Last week, it was announced by the Union government that merchandise exports from India have crossed $400 billion in the current financial year 2021-22.<\/span>\u00a0<\/span><\/p>\n

What is remarkable about this achievement?<\/span><\/b>\u00a0<\/span><\/h5>\n

One,<\/strong> <\/em>the value of exports in the year 2021-22 is far higher than the previous record of $330 billion that was achieved in fiscal year 2018-19.\u00a0<\/span>\u00a0<\/span><\/p>\n

Two,<\/strong> <\/em>this achievement has been recorded despite the occurrence of two waves of the Covid pandemic in the year 2021-22<\/span>\u00a0<\/span><\/p>\n

What are the reasons behind a boom in India’s exports?<\/span><\/b>\u00a0<\/span><\/h5>\n

Govt’s role<\/strong>: The government had set specific exports targets that were crafted country-wise, product-wise & EPC-wise (Export Promotion Council). It further monitored the execution of plans and also did course correction for the achievement of the export target\u201d. <\/span>\u00a0<\/span><\/p>\n

Overall improvement in global economic growth rate<\/strong>: This created demand for Indian goods in other countries.\u00a0 <\/span><\/p>\n

Abundant money supply in the global economy<\/strong>: There was availability of easy money in the global economy. It was due to massive government spending and easy availability of the cheap credit by the Central Banks.<\/span>
\n<\/span><\/p>\n

India has also been able to achieve the target of $400billion export value due to higher prices<\/strong>. In fact, India\u2019s merchandise exports as a percentage of the GDP are far from where they were a decade ago.<\/span>\u00a0<\/span><\/p>\n

What are the upcoming challenges? <\/span><\/b>\u00a0<\/span><\/h5>\n

Most central banks in the <\/span>Western countries<\/span><\/b> are winding down their<\/span> balance sheets, <\/span><\/b>i.e. t<\/span>hey are raising <\/span>interest rates<\/span><\/b> in a bid to contain inflation\u202flevels that are at multi-decade highs.<\/span>\u00a0<\/span><\/p>\n

Russia\u2019s invasion of Ukraine will cause India to face inflationary pressure<\/strong> in the coming days\u00a0 <\/span><\/p>\n

Due to the pandemic, more and more countries are wanting to become self-sufficient<\/strong>. They are reducing their dependence on foreign goods. It is going to hit globalization and the merchandise trade.<\/span><\/p>\n

What is the way forward?<\/span><\/b>
\n<\/span><\/h5>\n

The government is required to revisit its policies to raise the competitiveness of the exporters.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Source: <\/span><\/b>The post is based on an article \u201cIndia hit $400billion in exports are changing\u201d published in the Indian Express on 28<\/span>th<\/span> March 2022.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

News: Last week, it was announced by the Union government that merchandise exports from India have crossed $400 billion in the current financial year 2021-22.\u00a0 What is remarkable about this achievement?\u00a0 One, the value of exports in the year 2021-22 is far higher than the previous record of $330 billion that was achieved in fiscal… Continue reading Global policies that helped India hit $400 billion in exports are changing\u00a0<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10500],"class_list":["post-176391","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700793108,"cached_date":1704924973},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/176391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=176391"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/176391\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=176391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=176391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=176391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}