India’s merchandise exports jump 17 per cent to $192 billion in April-August

New Delhi, Sep 3: India’s goods exports increased 17.1% year on year to $192 billion in the first five months of the current fiscal year, according to Commerce Secretary BVR Subrahmanyam on Saturday.

Subrahmanyam stated at a news conference, “Services exports have performed really well. Services exports totaled $95 billion from April to July, on course to shatter all previous records this year.”

“We are being buffeted by powerful winds internationally. We are experiencing interruptions as a result of Ukraine and Russia. We are well aware of the rising levels of inflation. We are aware of the initiatives that many central banks across the world are doing,” he stated.

According to the Commerce Secretary, India’s exports are likely to exceed $750 billion in the current fiscal year. “The good news is that our exports are holding up; based on a very careful study on a very cautious premise, Indian exports will exceed $750 billion this year,” he added.

Inflation, according to Subrahmanyam, is a serious problem. “Our key worry right now is inflation. Some of the lifting is done by the RBI, but some must be done by governments,” he added.

“In our 75th year of independence, we have set an export objective of $750 billion,” Subrahmanyam stated.