Proud moment for the country to cross this landmark
Published on : Monday 28-03-2022
Mr Vipul Ray, President, IEEMA quote on India achieving USD 400 billion worth of exports in FY 2021-22.
March 25, 2022 – IEEMA congratulates the Hon’ble Prime Minister of India, Shri Narendra Modi, under his leadership India achieved the vision of USD 400 billion worth of exports in FY 2021-22. The Association also appreciates the encouragement provided to the exporters by the Hon’ble Commerce and Industry Minister, Shri Piyush Goyal, which was instrumental in ahead of schedule achievement of this target.
Shri Vipul Ray IEEMA President stated, “It is a proud moment for the country to cross this landmark, in which the contribution of electrical equipment and allied industry is approx. 3%, which is up by 1% from the last year. If the naturally available resources or grown products are deducted from total exports of India, then the share of this industry is approx. 4%”.
He added “the industry suffered the pandemic and its subsequent impacts that included unprecedented price rise of basic commodities, like steel, Aluminium, Copper, Zinc etc. IEEMA is grateful to the Hon’ble Power Minister, Shri R K Singh, for all his support to the domestic electrical industry in beating all odds, which is remarkable.”
IEEMA feels that this marks the beginning of an era of booming growth and leading the world trade. What is more important is to sustain this growth and also to build on it. With the support of new free trade agreements and the PLI schemes backing the manufacturers, IEEMA believes that from here the growth rates are going to be exponential. The trade of electrical equipment globally is among the top with approx. 27% of its share in total trade amongst all the countries.
The Indian electrical industry is registering approx. USD 12 billion of exports in this FY having a CAGR of 11% in the last 10 years. The industry has targeted to achieve USD 25 billion of exports by 2030.