India's Merchandise Exports Likely To Cross $410 Billion In FY22: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Friday (11 March) said that India's merchandise exports have reached $380 billion so far in this fiscal and are likely to cross $410 billion in financial year 2021-22.

"As of March 7, 2022, our exports are over $380 billion and well poised to cross $400 billion and probably closing the year at $410 billion on merchandise. We will have a record services exports upward of $240 billion," Goyal said at a dinner hosted in honour of his Canadian counterpart Mary Ng.

Goyal also said that India and Canada have agreed to formally re-launch the negotiations for a free trade agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA).

Talking about the India-Canada relationship, he said this economic partnership will strengthen efforts to take economic ties to the next level, reports Economic Times.

"This will help generate jobs, help each other in times of need and work with each other in several international forums...We have over 7,00,000 persons of Indian origin in Canada today, slated to go up to 1.4 million in the next few years....," Goyal said.

Goyal also urged the Canadian minister to be a "little more liberal" while negotiating the trade agreement, and sought investments from Canada in areas like infrastructure and manufacturing.