The country’s export business jumped 58.23 percent to reach $ 34 billion in March. The major sectors like Engineering, Gems & Jewelery and Pharmaceuticals registered good growth during the month, which led to increased exports. According to the preliminary data of the Ministry of Commerce, exports fell by 7.4 percent to $ 290.18 billion in the entire financial year 2020-21, compared to $ 313.36 billion in the previous fiscal year 2019-20. Imports declined by 18 percent to $ 388.92 billion during the financial year 2020-21, reaching $ 474.71 billion in 2019-20. Last year, in March 2020, exports were $ 21.49 billion. Due to the global softening due to the Kovid-19 crisis, there was a decline of 34 percent as compared to March 2019. “India’s merchandise exports grew 58.23 percent year-on-year to $ 34 billion in March 2021,” the ministry said in a statement. It was $ 21.49 billion in March 2020. “According to the statement, this is the first time that exports in a month have been $ 34 billion. According to the statement, imports also increased by 52.89 percent to $ 48.12 billion.
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A year ago in March 2020 it was $ 31.47 billion. Trade deficit increased to $ 14.12 billion in the month under review, from $ 9.98 billion in March 2020 a year ago. Oil imports rose 1.22 percent to $ 10.17 billion in March. Oil imports declined by 37 percent to $ 82.25 billion for the entire financial year 2020-21. At the same time, non-oil imports jumped 777.12 percent to $ 37.95 billion in the month under review. Imports declined by 10.89 percent to $ 306.67 billion for the entire financial year. Gold imports jumped to $ 7.17 billion in March. Commerce and Industry Minister Piyush Goyal wrote on Twitter, “… commodity exports grew 58 percent year-on-year in March 2021 to $ 34 billion. This is the highest in any one month in Indian history. The policies of Prime Minister Narendra Modi are taking the country to a new height despite the epidemic. ”Ajay Sahai, director general of the Federation of Indian Export Organizations (FIEO) said that despite the issue of container shortage and the Suez Canal, exports amounted to $ 290 billion. More than that. “He said,” Given Kovid-19 challenges, this is a fairly good growth. “
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