India’s exports rise steeply to $778 bn in FY 2023-24

India’s exports rose from $466 billion in 2013–14 to $778 billion in 2023–24, a 67% growth in just ten years. India is now firmly at the forefront of international trade because of its increased global export share, sector-specific efforts, and quality assurance.

Over the past ten years, India’s export industry has grown remarkably, demonstrating the rising demand for Indian goods worldwide. In a recent statement to Parliament, Union Minister of Commerce and Industry Piyush Goyal stated that India’s total exports increased by 67%, from $466 billion in 2013–14 to roughly $778 billion in 2023–24. Additionally, the nation’s percentage of worldwide item exports increased from 1.66% to 1.81%, moving it up from 20th to 17th place globally.

In order to sustain and accelerate export growth, the Indian government has implemented a number of programs and initiatives. Unveiled in April, the Foreign Trade Policy 2023 offers a clear road map for increasing exports and streamlining trade procedures. Additionally, to lessen the financial strain on exporters, the Interest Equalization Scheme on rupee export credit has been extended till December 2024. Initiatives that are sector-specific have also been quite important. The Agricultural and Processed Food Products Export Development Authority, or APEDA, promotes international trade, builds infrastructure, and provides financial aid to agricultural exporters. Similarly, MPEDA is concentrating on enhancing aquaculture productivity and expanding exports of value-added marine products.

India’s export strategy still places a strong emphasis on quality assurance. In order to maintain the quality of Indian products and keep low-quality imports out of the nation, the Bureau of Indian Standards (BIS) enforces strict Quality Control Orders (QCOs). Additional programs that help labor-intensive industries compete more effectively in international markets include the Rebate of State and Central Levies and Taxes (RoSCTL) and the Remission of Duties and Taxes on Exported Products (RoDTEP).

The government has introduced creative programs to encourage exports at the local level. The Districts as Export Hubs program determines a region’s potential for exports, and digital tools streamline the accreditation procedure for commerce. This project would enhance India’s reputation as one of the world’s top exporters and contribute to the creation of jobs locally.

In fact, the durability of India’s industry and the effectiveness of its policies are the main reasons for the country’s strong export growth. In terms of boosting economic growth and job opportunities, India is well-positioned to further solidify her position as a global export giant with sustained government assistance, sectoral development, and quality concerns.