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Modi government got double good news in the month of March, after GST, now historical record made on this front

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India Export March: In the month of March, the country’s merchandise exports grew by 58 percent, which is the highest in Indian history.

The total GST collection stood at Rs 123902 crore in March.

In the month of March, the Modi government has received double good news. The GST collection was the highest in a month after the launch of GST in the month of March. The total GST collection stood at Rs 123902 crore. Apart from this, there has also been a significant increase in the country’s exports. In the month of March, there was a jump of 58 percent, which is the highest in Indian history. Total exports in the month of March and it stood at $ 34 billion. The major sectors like Engineering, Gems & Jewelery and Pharmaceuticals registered good growth during the month, which led to increased exports.

According to the preliminary data of the Ministry of Commerce, exports fell 7.4 percent to $ 290.18 billion for the entire financial year 2020-21, compared to $ 313.36 billion in the previous fiscal year 2019-20. Imports declined by 18 per cent to $ 388.92 billion during the financial year 2020-21, reaching $ 474.71 billion in 2019-20. Last year, in March 2020, exports were $ 21.49 billion. Due to the global softening due to the COVID-19 crisis, there was a decline of 34 percent as compared to March 2019.

53% drop in imports

The ministry said in a statement, “India’s merchandise exports grew 58.23 percent year-on-year to $ 34 billion in March 2021. It was $ 21.49 billion in March 2020. “According to the statement, this is the first time that exports in a month have been $ 34 billion. According to the statement, imports also increased by 52.89 percent to $ 48.12 billion. A year ago in March 2020 it was $ 31.47 billion. Trade deficit increased to $ 14.12 billion in the month under review, from $ 9.98 billion in March 2020 a year ago.

1.22 percent rise in oil imports

Oil imports rose 1.22 percent to $ 10.17 billion in March. Oil imports declined by 37 per cent to $ 82.25 billion during the entire financial year 2020-21. At the same time, non-oil imports jumped 777.12 percent to $ 37.95 billion in the month under review. Imports declined by 10.89 per cent to $ 306.67 billion for the entire financial year. Gold imports jumped to $ 7.17 billion in March.

Highest in merchandise export history

Commerce and Industry Minister Piyush Goyal wrote on Twitter, “… Goods exports grew 58 percent year-on-year in March 2021 to $ 34 billion. This is the highest in any one month in Indian history. The policies of Prime Minister Narendra Modi are taking the country to a new height despite the epidemic. ”Ajay Sahai, director general of the Federation of Indian Export Organizations (FIEO), said that despite the issue of container shortage and the Suez Canal, exports amounted to $ 290 billion. Is more than that. “He said,” It is quite a good growth given the COVID-19 challenges. “

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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