Indian export growth reached a historic milestone as total shipments crossed the USD 750 billion mark for the first time. Consequently, Union Commerce and Industry Minister Piyush Goyal announced this achievement at a recent event. While global markets face uncertainty, India continues to strengthen its position as a major global supplier.
Breaking Records in Merchandise and Services
The country’s total shipments touched USD 676 billion in the previous financial year. However, the current data shows a much faster rise in the services sector. Therefore, experts predict that total exports will hit approximately USD 760 billion by the end of the year. Although merchandise growth remains steady, services provide the primary momentum for this record breaking performance.
Sustaining Indian Export Growth Amid Global Challenges
Exports fell by 8.82 per cent in February compared to the previous year. This decline occurred because of recessionary worries and weak global demand. Furthermore, imports dropped by 8.21 per cent during the same period. Despite these short term fluctuations, the overall Indian export growth remains robust for the April to February period.
Expert Projections and Economic Reforms
Economists now look closely at the softening of both domestic and global demand. For instance, Madhavi Arora from Emkay Global noted that core exports indicate a shift in market needs. Nevertheless, she lowered the current account deficit forecast to 2.5 per cent of the GDP. This change reflects the strong performance of the services sector over recent months.
In addition, the Federation of Indian Export Organisations (FIEO) remains highly optimistic. President A Sakthivel expects the final export figure to range between USD 770 billion and USD 780 billion. Such a result would represent a massive 16 per cent increase over the previous year. Because the government introduced vital trade reforms, the Indian industry maintains full confidence in future market expansions.
Courtesy: Economic Times – India Times
