In the recently concluded financial year 2023-24, India witnessed a significant rise in its exports to several key markets, marking a promising trend despite challenges. According to data released by the commerce ministry on Monday, India’s overall exports, including merchandise and services, stood at USD 776.68 billion, maintaining stability compared to the previous year.
While merchandise exports experienced a slight decline of 3.1 percent to USD 437.06 billion, the exports of services recorded a positive growth of 4.4 percent, reaching USD 339.62 billion. In March 2024, however, both merchandise and services exports saw a decrease, with merchandise exports declining by 0.7 percent to USD 41.68 billion and services exports dropping by 6.3 percent to USD 28.54 billion.
Despite these monthly setbacks, India’s exports in the fiscal year 2023-24 showcased notable growth to various destinations. Among the countries witnessing a substantial rise in Indian exports are China, Russia, Iraq, UAE, and Singapore. Notably, these increments were observed from a comparatively lower base.
China, UAE, and Singapore, in particular, emerged as significant trade partners for India, with exports to these nations experiencing considerable upsurges. Additionally, Russia, Iraq, the UK, Australia, Saudi Arabia, the Netherlands, and South Africa also contributed to India’s export growth, comprising the top 10 list of trading partners.
Conversely, India’s overall imports witnessed a decline of 4.8 percent in the fiscal year, totaling USD 854.80 billion. The decline in imports coupled with the government’s initiatives, such as the Production Linked Incentive (PLI) scheme, aimed at enhancing competitiveness, attracting investments, and reducing dependency on imports, seem to have contributed to the positive export trends.
The PLI scheme, introduced across various sectors including electronics, played a crucial role in making Indian manufacturers globally competitive and integrating India into the global supply chain. These efforts appear to have yielded dividends, reflected in the growth of India’s exports despite global economic challenges.
In conclusion, India’s export landscape in the fiscal year 2023-24 depicts a mixed scenario with steady overall performance, notable increments to key markets, and targeted initiatives contributing to the country’s trade resilience amidst evolving global dynamics.
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