Credit: PIB
India’s
Export Boom: Historic Highs and Strategic Growth Drivers
India’s
export sector has achieved a historic milestone, surging to an
unprecedented USD 778.21 billion in 2023-24, marking a
staggering 67% growth from USD 466.22 billion in 2013-14. This
remarkable expansion underscores India’s rising prominence in global trade,
fueled by robust performances in merchandise and services exports.
With merchandise exports at USD 437.10
billion and services contributing USD 341.11 billion in
2023-24, the nation has cemented its position as a dynamic player in
international markets.
Breaking Down India’s Export Growth
- Merchandise Exports:
- Jumped from USD 314 billion (2013-14) to USD 437.10
billion (2023-24). - Key drivers include electronics, pharmaceuticals,
engineering goods, iron ore, and textiles. - Mobile phone exports skyrocketed from USD 0.2 billion (2014-15)
to USD 15.6 billion (2023-24), with domestic production
surging from 5.8 crore to 33 crore units. - Services Exports:
- Grew from USD 152 billion (2013-14) to USD 341.11 billion
(2023-24). - IT, financial services, and business process outsourcing (BPO)
dominate this sector. - Sectoral Highlights:
- Pharmaceuticals:
Exports doubled to USD 27.85 billion (2023-24) from USD 15.07 billion
(2013-14). - Engineering Goods:
Rose to USD 109.32 billion (2023-24) from USD 62.26 billion (2013-14). - Agriculture:
Exports surged from USD 22.70 billion (2013-14) to USD 48.15 billion
(2023-24).
Also Read: India’s Top 5 Agricultural Products
Top Export Destinations: Diversifying Global Reach
In 2023-24,
India’s merchandise exports were led by:
- USA (17.90%)
- UAE (8.23%)
- Netherlands (5.16%)
- China (3.85%)
- Singapore (3.33%)
Collectively,
these top 10 destinations accounted for 51% of India’s total
merchandise exports, reflecting diversified trade ties across North
America, the EU, West Asia, and ASEAN regions.
Government Initiatives Fueling Export Success
To sustain
this momentum, India has launched transformative policies:
1. Foreign
Trade Policy (FTP) 2023:
- Streamlines export incentives and eases compliance through an
Amnesty Scheme. - Promotes e-commerce and high-tech sectors.
2.
Production-Linked Incentive (PLI) Schemes:
- Allocated ₹1.97 lakh crore to boost manufacturing in 14 sectors,
generating ₹13 lakh crore in production and ₹4.5 lakh crore in exports.
3.
Logistics & Infrastructure:
- National Logistics Policy (NLP) and PM
GatiShakti aim to cut logistics costs and enhance connectivity. - Bharat Mart in
Dubai provides MSMEs access to Gulf and African markets.
4. Digital
Trade Innovations:
- Trade Connect e-Platform links
6+ lakh exporters with global markets. - ICEGATE digitizes customs processes for
faster clearance.
5. Support
for MSMEs & Agriculture:
- Interest Equalisation Scheme offers
concessional credit to exporters. - National Programme for Organic Production (NPOP) targets USD 1 billion in organic exports by 2025-26.
Future Outlook: Sustaining Momentum
India’s
export ecosystem is now more resilient and globally integrated than ever.
The 6.03% growth in April-December 2024 (USD 602.64 billion
vs. USD 568.36 billion in 2023) signals continued expansion. With a focus on
innovation, infrastructure, and market diversification, India aims to:
- Elevate e-commerce exports to USD 100 billion by 2030.
- Strengthen high-potential sectors like electronics and renewable
energy. - Expand trade corridors in Africa, Latin America, and Oceania.
Conclusion
India’s export triumph is a testament to strategic policymaking, sectoral
diversification, and global competitiveness. By leveraging initiatives like PLI
schemes, digital trade platforms, and logistics reforms, the nation is poised
to not only maintain its growth trajectory but also emerge as a global export
powerhouse. As businesses tap into emerging opportunities, India’s journey
toward a USD 1 trillion export economy is well within reach.
(Source:
PIB Delhi, February 2025)