Commerce Secretary Anup Wadhawan said on Tuesday that exports out of India are on an upswing and the government is hopeful of positive growth in the current financial year 2021-22.
The exports recorded a significant contraction in April last year but activities have started gathering momentum, he said.
In spite of the huge Covid-19 pandemic, various sectors like the pharma sector, agricultural products and cereals have shown tremendous resilience. However, gems and jewellery and petroleum have been impacted.
"I am quite positive and hopeful that in 2021-22, we will be in solid positive territory. I have no doubts about that. But I do not want to predict numbers and make any targeted projections," Wadhawan told reporters.
Since December 2020, the country's merchandise exports have been recording positive growth. In March this year, the exports rose by 60.29 per cent to USD 34.45 billion. However, in 2020-21, exports had dipped by 7.26 per cent to USD 290.63 billion.
When asked about India's trade gap with the US and China, the secretary said that trade surplus with the United States and deficit with China have improved.
India's exports to the United States stood at USD 53 billion in 2019-20 and USD 51 billion in 2020-21. On the other hand, imports aggregated at USD 35.8 billion in 2019-20 as compared to USD 28 billion in 2020-21.
The country's exports to China in 2019-20 were at USD 16.6 billion and USD 21.2 billion in 2020-21. The imports in 2019-20 and 2020-21 as well totalled USD 65 billion.
When asked about the current oxygen shortage country is facing, Wadhawan said that efforts are underway to make the supplies available.
"This is a coordinated approach being followed on a 24x7 basis. Supplies will improve tremendously," he said.
( With inputs from ANI )
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