India on track to achieve $400 bn exports, negotiating FTAs: Goyal

India is on track to achieve the USD 400-billion export target in the current fiscal and is negotiating trade agreements with countries, said Goyal

India is on track to achieve the USD 400-billion export target in the current fiscal and is negotiating trade agreements with countries like the UAE, the EU and Canada, Commerce and Industry Minister Piyush Goyal said on Wednesday.

In a reply during Question Hour in the Lok Sabha, he said the prices of most of the commodities, including petroleum products, are prevailing high and because of this there is a stress on all sectors.

However, international prices of finished products have commensurately increased and hence the exports of these products have not faced detriments.

"For 10th month in a row, April 2021 to January 2022, India has posted over USD 30 billion of exports. It is a record, we have already crossed USD 334 billion of exports which is more than the highest ever that India has done in full 12 months period.. We are well on track to achieve USD 400 billion of exports," Goyal said.

The minister said that the government is working to negotiate free trade agreements (FTA) or comprehensive economic partnership so that Indian exporters too get similar price advantage benefits.

"We have launched FTA negotiations with the UAE, Australia, the United Kingdom, the EU, Canada. We are also in dialogue with GCC countries -- the bloc of six countries in the Middle East-- who have shown keen interest in FTA with India and we hope to launch the negotiation in the near future," Goyal said.

With regard to support to small and medium industries, the minister said Rs 4.50 lakh crore government-guaranteed loans were given to 1.30 crore MSMEs during the Covid pandemic.

"Government is committed to increasing manufacturing and see India as manufacturing hub," Goyal added.