Delhi: As the demand for Indian products in the global market continues to surge, the country’s total exports have reached a staggering $778 billion in FY2023-24, a remarkable 67% growth from $466 billion in FY2013-14. This growth has also led to an improvement in India’s share in world merchandise exports from 1.66% to 1.81%, and an increase in its global ranking from 20th to 17th position.
This achievement can be attributed to the government’s implementation of various initiatives to sustain and accelerate export growth. The first quarter of the current financial year has also shown stability and moderate growth in the country’s trade performance, according to a report by NITI Aayog. However, there has been a growing trade imbalance due to consistent growth in merchandise imports, which were 8.40% higher than exports in Q1 FY25.
The decline in Indian iron and steel exports during this period can be attributed to weak domestic demand and excess capacity in China, leading to an oversupply of steel in global markets. Despite this, India has witnessed a substantial increase in exports for key product categories such as electronics and semiconductors, helping the country maintain or improve its rank among the top 10 global suppliers. With North America and the EU being its top export destinations, India’s strategic focus on these sectors has yielded impressive results.
Hindusthan Samachar
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