New Delhi
India’s exports are on track to surpass $800 billion in the coming months, fueled by a strong export performance this financial year (FY25), industry experts said on Friday.
In October 2024, India’s exports surged to over $73 billion, up from $61 billion in the same month last year, marking an impressive 19% growth. Cumulatively, India’s total exports during April-October 2024 reached $468.2 billion, a 7% increase compared to $436.4 billion in the same period of the previous year. Despite global geopolitical challenges, India’s exports have continued to grow at a robust pace.
Hemant Jain, President of PHD Chamber of Commerce and Industry (PHDCCI), attributed this strong growth to a 20% rise in non-petroleum and non-gems and jewellery exports. Merchandise exports alone rose by 17.25% to $39.20 billion in October 2024, compared to $33.43 billion in October 2023.
Non-petroleum exports reached $34.61 billion in October, a remarkable 25.63% increase from the previous year. Key sectors driving this growth include electronic goods, engineering products, chemicals, and garments.
Aditi Nayar, Chief Economist at ICRA, also highlighted the encouraging performance of non-oil merchandise exports. She projected that India’s current account deficit would ease in the upcoming quarter, further supporting India’s positive export outlook for FY25.
