India’s exports hit record $370 billion, up 27%

New Delhi, September 18, 2023: India’s exports hit a record high of $370 billion in the financial year 2022-23, a significant increase from the previous year’s exports of $291 billion. The growth in exports is being driven by a number of factors, including increased demand for Indian goods and services in global markets.

Some of the key sectors that contributed to the growth in exports include engineering goods, pharmaceuticals, textiles, and electronics. Engineering goods exports grew by 25% year-on-year, while pharmaceutical exports grew by 18%. Textile exports grew by 15% and electronics exports grew by 10%.

The growth in exports is a positive sign for the Indian economy, as it will help to boost economic growth and create jobs. The government is targeting to achieve exports of $1 trillion by 2030, and the strong performance in FY22-23 suggests that this target is achievable.

Here are some of the factors that are driving the growth in India’s exports:

• Increased demand for Indian goods and services in global markets: The global economy is recovering from the COVID-19 pandemic, and there is a growing demand for Indian goods and services in global markets. This is due to a number of factors, including India’s competitive advantage in certain sectors, such as pharmaceuticals, textiles, and engineering goods.
• Government initiatives to promote exports: The Indian government has taken a number of initiatives to promote exports, such as the Export Promotion Capital Goods (EPCG) scheme, the Merchandise Exports from India Scheme (MEIS), and the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. These schemes have helped to make Indian exports more competitive in global markets.
• Improved infrastructure: The Indian government has also invested in improving infrastructure, such as roads, ports, and airports. This has made it easier for exporters to transport their goods to global markets.

The growth in India’s exports is a positive development for the country’s economy. It will help to boost economic growth, create jobs, and reduce the current account deficit. The government is committed to supporting exporters and achieving the target of exports of $1 trillion by 2030.