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New Delhi: India's exports of goods and services are projected to reach $900 billion in the current financial year, up from $770 billion in the previous year, despite facing global headwinds.
The Federation of Indian Export Organisations (FIEO) Director General, Ajay Sahai, stated that merchandise exports could expand to between $495 billion and $500 billion, while services exports could touch $400 billion by March 2024.
Despite the ongoing conflict in Ukraine and a global slowdown, Sahai said that overseas demand remained strong in many markets.
To achieve the Indian government's export target of $2 trillion by 2030, Trade Minister Piyush Goyal urged exporters to explore new markets and offered benefits to boost exports of electronics, engineering, pharmaceutical, and other goods.
While exports of software, mobiles, and agricultural and petroleum products have seen a surge in the last two years, exports of engineering, gems, and jewellery goods have slowed down in recent months.
However, agricultural, petroleum, and electronic goods exports remain strong in Western markets due to pricing factors, while exports to Asian and Middle Eastern countries have grown substantially.
India's exports of goods and services are projected to reach $900 billion in the current financial year, up from $770 billion in the previous year, despite facing global headwinds. The Federation of Indian Export Organisations (FIEO) Director General, Ajay Sahai, stated that merchandise exports could expand to between $495 billion and $500 billion, while services exports could touch $400 billion by March 2024. Despite the ongoing conflict in Ukraine and a global slowdown, Sahai said that overseas demand remained strong in many markets.
To achieve the Indian government's export target of $2 trillion by 2030, Trade Minister Piyush Goyal urged exporters to explore new markets and offered benefits to boost exports of electronics, engineering, pharmaceutical, and other goods. While exports of software, mobiles, and agricultural and petroleum products have seen a surge in the last two years, exports of engineering, gems, and jewellery goods have slowed down in recent months. However, agricultural, petroleum, and electronic goods exports remain strong in Western markets due to pricing factors, while exports to Asian and Middle Eastern countries have grown substantially.
