According to exporters, the nation's merchandise exports are anticipated to surpass USD 500 billion this fiscal year due to strong demand for domestic products in important international markets, such as the US, and advantages from trade agreements.
They said that exports to countries like Russia will significantly increase, especially in the agribusiness and food processing industries.
The Federation of Indian Export Organisations (FIEO) stated that their goal for the current fiscal year is to increase shipments to between $500 billion and 510 billion USD. From USD 322.72 billion in 2022–2023, services exports are projected to reach over USD 390 billion in 2023–2024. "Together with goods and services, we are targeting exports of USD 900 billion this fiscal," said FIEO Director General Ajay Sahai.
He pointed out that the UAE and Australia's free trade agreements will offer a great platform for boosting exports to those markets. The production-linked incentive programme will also boost our exports because it will increase local production, according to Sahai.
According to SC Ralhan, president of the Hand Tools Association and an engineering exporter located in Ludhiana, who represents 18% of India's overall exports; there are encouraging indicators of economic growth in the US.
Order books are strong, and based on the current trajectory, we anticipate that this fiscal year's exports will surpass USD 500 billion. According to
Export Import Data, India's exports increased by more than 6% to USD 447.5 billion in 2022–2023 from USD 422 billion the previous year.
