Synopsis
India is on track to reach an unprecedented $800 billion in exports during the 2024-25 fiscal year, underscoring a strong economy and continuous growth across various sectors, according to government officials.Key Takeaways
- India aims for $800 billion in exports in FY2024-25.
- Exports have surged by 67 percent since FY2013-14.
- The nation's global trade rank has improved from 20th to 17th.
- Focus on electronics and semiconductors is yielding positive results.
- An Export Promotion Mission will be established to support exporters.
New Delhi, Feb 8 (NationPress) India is poised to reach $800 billion in exports during the 2024-25 fiscal year for the first time, as reported by the government, indicating a strong economy and ongoing growth across various sectors.
Union Commerce and Industry Minister Piyush Goyal noted that exports have been on the rise and have seen substantial growth over the past four years.
"We anticipate concluding the fiscal year with over $800 billion in exports for the first time," the minister stated during the Question Hour in the Rajya Sabha.
Nonetheless, certain imports such as petroleum products, coking coal, pulses, and edible oils are necessary due to domestic shortages and high demand. The increase in imports reflects positively on the economy as domestic consumption rises.
According to the minister, establishing production units in these sectors will require several years.
As global demand for Indian products rises across various categories, the country's total exports reached approximately $778 billion in FY2023-24, a significant increase from $466 billion in FY2013-14—a remarkable 67 percent growth.
India's share in global merchandise exports improved from 1.66 percent to 1.81 percent, advancing the country's rank from 20th to 17th, as reported by Goyal. This achievement is attributed to several government initiatives aimed at sustaining and accelerating export growth.
The nation has experienced a notable surge in exports for several key product categories, maintaining or improving its position among the top 10 global suppliers. A strategic focus on electronics and semiconductors has produced commendable outcomes.
In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman announced the launch of an Export Promotion Mission with specific sectoral and ministerial targets, collaboratively driven by the Ministries of Commerce, MSME, and Finance.
This initiative will provide easier access to export credit, cross-border factoring support, and assistance to MSMEs in overcoming non-tariff barriers in international markets, according to the Finance Minister.
