India’s exports of goods and services soared to $62.26bn in October, representing a robust 9.43% year-on-year growth, according to official data released on Wednesday.
This positive development was fueled by strong performances in key sectors such as pharmaceuticals and medicines, machinery products, electronic goods, cotton yarn and handmade items, iron ore, ceramic products, and glassware, as well as meat, dairy products, and poultry products, according to by ANI, a partner of TV BRICS.
Despite this encouraging growth, India’s overall export volume is projected to decline by 1.61% in fiscal year 2023-24, reaching approximately $437.54bn. However, this anticipated dip should be considered in the context of the remarkable growth achieved in the previous fiscal year.
In March 2022-23, the country’s total export volume reached an impressive $775.87bn, surpassing the previous year’s figures by 14% and nearly $100bn. This surge was driven by a 6.74% and 27.86% growth in goods and services exports, respectively, reaching $450.43bn and $325.44bn.
To further bolster exports and enhance the competitiveness of Indian producers in the global market, the government has implemented a production stimulation scheme across various sectors, including electronic goods. This initiative aims to strengthen India’s export potential and contribute to sustainable economic growth.
