India’s merchandise and service exports have shown resilience, experiencing a year-on-year growth in the face of various challenges. Commerce Secretary Sunil Barthwal revealed that the country’s total exports in goods and services in the current fiscal year are expected to surpass the record achieved in 2023-24.
In April 2024, the country’s merchandise exports rose by 1% to $34.99 billion, demonstrating an upward trajectory from the previous year. Meanwhile, services export estimates for the same period reported a 14.7% increase to reach $29.57 billion, marking substantial growth in this sector. The combined exports of merchandise and services in April 2024 recorded a 6.88% year-on-year growth at $64.56 billion, indicating the country’s overall positive export performance during this period.
Despite challenges, the financial year 2023-24 saw India achieve record-breaking exports, reaching USD 778 billion in total, signaling a strong performance. Within this, services exports experienced significant growth, rising from USD 325.3 billion to USD 341.1 billion. While merchandise exports showed a marginal decline from USD 451.1 billion to USD 437.1 billion, the overall export performance remained impressive.
The government’s strategic steps, such as the launch of a Production Linked Incentive (PLI) scheme across various sectors, including electronic goods, played a pivotal role. This initiative aimed to enhance India’s competitiveness in global manufacturing, attract investments, drive exports, integrate the country into the global supply chain, and reduce dependency on imports. The positive outcomes of these strategic measures clearly reflected in India’s export performance, underscoring the effectiveness of these initiatives.
The consistent growth in India’s export sector is a testament to the country’s resilience amid global economic challenges, reinforcing its position as a key player in the international trade landscape. It also emphasizes the robust potential of the Indian economy to maintain export growth momentum, overcoming obstacles and setting new benchmarks in the global market.
