India’s exports to surpass $800 billion this fiscal, says industry official

Indian exporters are receiving substantial orders from both developing and developed countries, despite challenging geopolitical conditions.

The country’s merchandise and services exports are expected to surpass $800 billion this fiscal year, attributing this growth to government support and the competitive edge of domestic players.

A Sakthivel, Chairman, Apparel Made-ups and Home Furnishing Sector Skill Council, noted that the government has implemented numerous measures to improve industry competitiveness, enhance ease of doing business, and reduce compliance burdens, among other initiatives.

Expressing confidence, Sakthivel stated that total exports would exceed $800 billion this fiscal year. He added that the recent announcement to establish 12 new industrial cities in the country would further support domestic manufacturing.

Sakthivel also mentioned the success of the production-linked incentive scheme, particularly in manufacturing. He pointed out that Indian exporters are receiving substantial orders from both developing and developed countries, despite challenging geopolitical conditions.

Additionally, Sakthivel shared that Piyush Goyal, Commerce and Industry Minister, has been holding regular meetings with relevant stakeholders, including those in shipping, to address the impact of the Red Sea crisis.

Last year, exports reached $778 billion. During April-September this fiscal year, exports rose by 1 per cent to $213.22 billion, while imports grew by 6.16 per cent to $350.66 billion, resulting in a trade deficit of $137.44 billion in the first half of the fiscal year.

The Cabinet has approved the establishment of 12 industrial townships in states such as Bihar, Andhra Pradesh, and Maharashtra. Four townships have already been developed, with work underway in four additional industrial cities. India is also advancing modern infrastructure, providing utilities like water, power, digital connectivity, and establishing common effluent facilities in these townships.