India registered record exports in the just concluded financial year 2023-24 at USD 778 billion, sources in the commerce ministry said. In the financial year 2022-23, the combined value of exported goods and services stood at USD 776.3 billion.
In 2023-24, services exports increased from USD 325.3 billion to USD 341.1 billion, while merchandise exports marginally declined from USD 451.1 billion to USD 437.1 billion.
The government has launched the Production Linked Incentive (PLI) scheme with the aim of enhancing the global competitiveness of Indian manufacturers, attracting investments, boosting exports, and integrating India into the global supply chain to reduce dependency on imports.
China, Russia, Iraq, UAE, and Singapore are among the countries where India’s exports in the just-concluded financial year have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and South Africa.
Meanwhile, there was a decline in overall imports from USD 898.0 billion in 2022-23 to USD 853.8 billion in 2023-24.
Moreover, the trade deficit showed significant improvement, shrinking from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.
