Indian goods exports reach $400 bn for first time ever, says PM Modi

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According to reports as India has for the first time clocked goods exports worth $400 billion, said Prime Minister Narendra Modi on Wednesday, calling it a “key milestone” for his government’s Aatmanirbhar Bharat for self-reliance in manufacturing.

Modi made the statement on Twitter as India’s services and manufacturing activity held steady in February, even as the war in Ukraine clouds the outlook for prices and growth in the consumption-driven economy, the report said.

“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,” he said posting a graphic showing the target being met nine days ahead of deadline..

All eight high-frequency indicators compiled by Bloomberg News showed activity was steady last month, with the needle on a dial measuring so-called ‘Animal Spirits’ staying put at 5 for the eighth straight month. The gauge uses the three-month weighted average to smooth out volatility in the single-month readings. (Business Standard)