New Delhi
India’s merchandise and services exports are expected to exceed USD 800 billion this fiscal year, driven by government support and the competitiveness of domestic industries, an industry official said on Thursday.
Sakthivel highlighted that the government’s measures to improve ease of doing business, reduce compliance burdens, and enhance industry competitiveness have contributed to this growth. He also pointed to the success of the production-linked incentive scheme in boosting manufacturing.
The official’s statement comes as India sees growing export orders from both developed and developing countries, despite a challenging global geopolitical situation. He noted that Commerce and Industry Minister Piyush Goyal is actively engaging with stakeholders to mitigate the impact of the Red Sea crisis on trade.
Exports during April-September 2024 rose 1% to USD 213.22 billion, while imports increased by 6.16% to USD 350.66 billion, leading to a trade deficit of USD 137.44 billion for the period.
Additionally, the Indian government’s approval of 12 new industrial townships across states like Bihar, Andhra Pradesh, and Maharashtra is expected to further boost manufacturing. These townships will feature modern infrastructure, including utilities like water, power, and digital connectivity.
