GST collection broke all the records

Today Indian chemical industry has become a global business and it generates foreign exchange for the country with Make in India approach. India is the sixth largest producer of chemicals in the world and the third largest in Asia. India ranks 14th in the export of chemicals. Today, India occupies a leading position in the production of dyes. India is the fourth largest producer of agrochemicals in the world. About 50 percent of the world’s agricultural chemicals are exported from India. India is the largest producer and exporter of castor oil in the world. Chemical exports reached $29.29 billion in 2021-22, driven by strong performance in sectors such as agrochemicals, dyes and specialty chemicals. India exports to more than 175 countries. The major export destinations of India include Turkey, Russia.

Despite all the challenges arising out of the Corona epidemic, the Modi government focused on exports as well as encouraging all sectors of the economy. As a result of this, India has made a big achievement in the financial year 2021-22 on the export front. Breaking all the records so far, India has succeeded in exporting about $ 418 billion during this period. India achieved the export target 10 days before the end of the financial year. March 2022 was very important from the point of view of exports. The country exported $ 40 billion this month, which is the highest level of exports in a month. Earlier, in March 2021, the export figure was $ 34 billion.

Improvement is visible in every sector of the Indian economy. In the fiscal year 2021-22 under Modi rule, despite Corona, a record $ 250 billion service was exported. Whereas in the financial year 2020-21, service exports of $195 billion were done. With service exports of $250 billion, India’s total exports stood at $669 billion. Commerce and Industry Minister Piyush Goyal said that in the financial year 21-22, the export of goods stood at $ 419.5 billion. For the financial year 21-22, a target of $ 225 billion was set for services exports, which has been exceeded.

With the encouragement of the Modi government, there has been a tremendous increase in the export of wheat, maize and other agricultural products. India’s agricultural exports have registered a growth of 23 percent in the ten months of the financial year 2021-22. Exports under APEDA increased from $15.59 billion to $19.71 billion. Rice exports grew by 13 per cent, earning US$7,696 million. There has been a tremendous jump in the demand of Indian wheat in the foreign markets as compared to last year. Wheat exports during April-January 2021-22 registered a massive growth of $1,742 million, a growth of 387 percent over the same period of 2020-21, when it reached $340.17 million.