India’s exports scenario is looking up big-time if the figures for the month of May are anything to go by. For the third month in a row, the value of Indian exports crossed the $30 billion mark.
In May, the figure was $32 billion. This was 67% higher than May 2020, which was severely affected by the first wave of coronavirus pandemic. Compared to 2019, May’s exports were 8% more.
Reports say that the rise in exports was led by a surge in the shipments of engineering goods, oil products and iron ore.
India’s trade deficit in May was 6.32 billion dollars. Commenting on the encouraging piece of news, columnist Minhaz Merchant said, “Exports are on track for a record $400 billion in 2021-22. With Production Linked Incentive (PLI) kicking in, exports could lead post-Covid economic growth.”