India’s exports touch $185 billion till September: Piyush Goyal

In a major development for India’s export sector, country’s merchandise exports have reached a whopping $ 185 billion in the first six months of the current financial year.

Announcing the details during the weekly Cabinet briefing in the national capital on Wednesday, union commerce minister Piyush Goyal said the volume was achieved till September 2021 in FY 2021-22. 

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The minister further said that the Cabinet meeting headed by Prime Minister Narendra Modi has approved an investment of Rs 4,400 crore in the Export Credit Guarantee Corporation of India (ECGC) Ltd.   

According to the minister, the investment will be made over a period of five years, and it will help in creating 59 lakh new jobs across the country. The decision is line with the Prime Minister’s vision to give new impetus to the Indian economy, the minister added.

Besides this investment, the Cabinet has also given its nod to list the corporation in the stock market through the initial public offering (IPO). On being asked on the probable date of IPO, Goyal said that it will be taken up by the next financial year. 

Besides the decisions related to the ECGC, the Union Cabinet has approved the continuation of the National Export Insurance Account (NEIA) scheme and infusion of Rs 1,650 crores Grant-in-Aid over 5 years. This move will enable NEIA in supporting exports worth up to Rs 33,000 crores.