What does scaling $400 billion in exports mean for India?

It is the first time in history that India has achieved $400 billion merchandise exports in FY22. India ranks 15th on merchandise exports but ranks 08th on overall exports including goods and services. The $400 billion is a milestone because in previous years the best that India could achieve in terms of exports was $350 billion

This run of exports translates into average exports of $46 million per hour. The good news is that the total trade has crossed $1 trillion in FY22. The downside to the story is that the merchandise imports have increased to $600 billion for the fiscal year FY22. It also means that India will finish this financial year with an inordinately high trade deficit of more than $200 billion for the full fiscal year.