India's Prime Minister Narendra Modi
India's Prime Minister Narendra Modi Image Credit: ANI

New Delhi: India's merchandise exports crossed the $400 billion mark in the current financial year, nine days ahead of the target, Prime Minister Narendra Modi said on Wednesday.

"India set an ambitious target of $400 billion of goods exports & achieves this target for the first time ever. I congratulate our farmers, weavers, MSMEs, manufacturers, exporters for this success," Modi said in a tweet.

"This is a key milestone in our Aatmanirbhar Bharat journey. #LocalGoesGlobal"," the prime minister tweeted.

India's merchandise exports stood at $298.1 billion in the financial year 2020-21. The government has set a target of $400 billion of goods exports for the current financial year ending March 31, 2022.

"New India under the leadership of PM @narendramodi Ji is known for scripting history. Extremely proud that India has achieved its highest ever goods exports target of $400 billion. This reflects the boost in the Indian economy post-Covid due to PM Modi's resolve of AatmaNirbhar Bharat," Union Home Minister Amit Shah said in a tweet.

Reacting to the achievement Union Commerce and Industry Minister Piyush Goyal said, "We have scaled the $400 billion goods exports mountain. Every hour, day & month leading to this monumental achievement has been exhilarating."

In his tweet, the prime minister also posted infographics of India achieving the highest ever export target nine days ahead of the intended deadline.

As per the infographics shared by the prime minister, on average, every hour $46 million worth of goods are exported. The average for a day is $1 billion, while the average for a month stands at $33 billion.

"The various measures taken by the government not only ensured recovery but also sustained growth month after month. The top priority accorded to the sector by Prime Minister made sure that all the stakeholders moved in unison for chasing the $400 billion goods exports target for FY22," EEPC India Chairman Mahesh Desai said while reacting on the $400 billion exports target.

"As we enter into the new financial year in a few days from now, the engineering goods sector will aim high and achieve the goal despite several challenges, especially geo-political tensions arising out of the Russia-Ukraine conflict," Desai said.