{"id":36078,"date":"2022-04-13T22:23:38","date_gmt":"2022-04-13T16:53:38","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-ld-services-exports\/"},"modified":"2022-04-14T10:57:56","modified_gmt":"2022-04-14T05:27:56","slug":"biz-ld-services-exports","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ld-services-exports\/","title":{"rendered":"Services exports touched all-time high at USD 250 bn in FY22: Goyal"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2549521611\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, Apr 13 (PTI) Commerce and Industry Minister Piyush Goyal on Wednesday said services exports touched an all-time high of around USD 250 billion (about Rs 19 lakh crore) in 2021-22.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3412521638\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> The previous highest level was USD 213 billion (about Rs 16 lakh crore) in 2019-20.<\/p>\n<p> &#8220;We have achieved the USD 250 billion target despite the fact that sectors like tourism and travel was hit by the COVID pandemic&#8230; These are the highest ever services exports,&#8221; he said at a briefing.<\/p>\n<p> However, this is provisional data and the figure may increase once the final data is released, he added.<\/p><div class=\"trade-content_5\" id=\"trade-1252598304\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Further, Goyal said the services basket is now increasing and &#8220;from low cost services, we are moving up the value chain&#8221;.<\/p>\n<p> When asked about the exports target for the current fiscal for both goods and services, he said officials are already engaging with the stakeholders.<\/p>\n<p> &#8220;From Friday, I am starting a round of talks with export promotion councils,&#8221; he said, adding that the prime minister would also take feedback and then &#8220;we will set the target&#8221;.<\/p>\n<p> However, these are challenging times because of the pandemic and the ongoing conflict, he noted.<\/p>\n<p> On the impact of Russia-Ukraine war, he said India&#8217;s total trade with these two countries are &#8220;very&#8221; large.<\/p>\n<p> India&#8217;s exports to these countries would be in the range of about USD 2.5-3 billion while imports are in the range of about USD 10-11 billion.<\/p><div class=\"trade-content-10\" id=\"trade-2568031077\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> &#8220;There are few sectors which may get impacted&#8221; but increasing engagement with countries like Australia, and the UAE would help in boosting trade,&#8221; the minister said.<\/p>\n<p> Ukraine is the world&#8217;s biggest sunflower oil producer and India imports almost all of its sunflower oil from there. Sunflower oil is India&#8217;s second biggest imported edible oil after palm oil.<\/p>\n<p> Goyal said that India was a major player in this segment and &#8220;now again we are discussing with the farmer associations and the states to see how we can boost oil seed production in the country&#8221;.<\/p>\n<p> India can look for alternative sources of supply to meet any short term disruption in supply, he added.<\/p>\n<p> When asked about rising inflation, Goyal said the food grain situation is comfortable and the likely good monsoon would further increase the supplies.<\/p>\n<p> He said that the whole world has been impacted by the Russia-Ukraine conflict and the effort of the government would be to become Aatmanirbhar in more areas.<\/p>\n<p> Regarding rupee-rouble trade with Russia, Commerce Secretary BVR Subrahmanyam said that &#8220;no official talks are going on for this&#8221;.<\/p>\n<p> Instead, the government is trying to facilitate payments for the exports already made to Russia from banks which are not covered by sanctions, he added.<\/p>\n<p> India&#8217;s overall exports (merchandise and services) touched an &#8220;all-time high&#8221; of USD 669.65 billion in April-March 2021-22, jumping by 34.50 per cent over the year-ago period.<\/p>\n<p> &#8220;Services sector has achieved an all-time high despite services like tourism, aviation and hospitality being severely affected due to the COVID-19 pandemic,&#8221; Goyal said.<\/p>\n<p> At another event of engineering exporters, the minister pitched for manufacturing world-class products for both domestic and export purposes.<\/p>\n<p> Goyal, who also holds the consumer affairs portfolio, said &#8220;we take every complaint very, very seriously and now we have started acting with tough penalties on those who are mis-selling or misleading advertisements or trying to skirt the law. There we are trying to take serious actions.&#8221; \t The minister urged exporters to adopt an uncompromising stance when it comes to ensuring quality.<\/p>\n<p> &#8220;We must not let quality culture weaken in the country,&#8221; he cautioned.<\/p>\n<p> Further, Goyal said India has the potential to export both goods and services worth USD 1 trillion each by 2030.<\/p>\n<p> Engineering good exports account for more than 25 per cent of India&#8217;s USD 400 billion-plus outbound shipments. The sector has recorded 45 per cent growth in 2021-22 and touched USD 111 billion. PTI RR CS AJ RAM  ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-1261296609\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Apr 13 (PTI) Commerce and Industry Minister Piyush Goyal on Wednesday said services exports touched an all-time high of around USD 250 billion (about Rs 19 lakh crore) in 2021-22. The previous highest level was USD 213 billion (about Rs 16 lakh crore) in 2019-20. &#8220;We have achieved the USD 250 billion target [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-36078","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Services exports touched all-time high at USD 250 bn in FY22: Goyal - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-ld-services-exports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Services exports touched all-time high at USD 250 bn in FY22: Goyal\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Apr 13 (PTI) Commerce and Industry Minister Piyush Goyal on Wednesday said services exports touched an all-time high of around USD 250 billion (about Rs 19 lakh crore) in 2021-22. 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