India on the path to hit record $800 billion in exports in FY25

New Delhi, Feb 8 (IANS) India is on the path to achieve $800 billion in exports in the 2024-25 fiscal for the first time, according to the government, signalling a robust economy and continued growth across sectors.

According to the Union Commerce and Industry Minister, Piyush Goyal, exports have been growing and have risen significantly in the last four years.

"We will end the fiscal year with over $800 billion exports for the first time," the minister said during the Question Hour in the Rajya Sabha.

However, certain imports like petroleum products, coking coal, pulses and edibles oils are unavoidable owing to domestic shortages and high demand. The growth in imports is a good sign for the economy as domestic consumption rises.

According to the minister, it will take some years to establish and set up production units in those sectors.

As demand for Indian products in the global market surges across categories, the country’s total exports reached about $778 billion in FY2023-24, compared to $466 billion in FY2013-14 — a whopping 67 per cent growth.

India’s share in world merchandise exports also improved from 1.66 per cent to 1.81 per cent, with the country advancing in rankings from 20th to 17th position, according to Goyal. The feat was achieved as the government implemented several initiatives to sustain and accelerate export growth.

The country has recorded a sharp increase in exports for several key product categories with the country maintaining or improving its rank among the top 10 global suppliers. The country’s strategic focus on electronics and semiconductors has yielded impressive results.

In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman has announced the setting up of an Export Promotion Mission, with sectoral and ministerial targets, driven jointly by the Ministries of Commerce, MSME, and Finance.

It will facilitate easy access to export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets, the Finance Minister said.