There is good news for the Indian economy! According to a recent report released by the Ministry of Commerce and Industry, India’s total exports (combining goods and services) are estimated to grow in the financial year 2023-24, surpassing the previous year’s record. The estimated value of exports is US$ 776.68 billion, up from US$ 776.40 billion in FY 2022-23, the report said. This may be a slight increase, but it reflects a positive trend.
Major areas to accelerate exports
The report also states that there has been significant growth in exports in many sectors. These areas include:
Electronic Goods: Exports of electronic goods have increased by 23.64% in FY 2023-24 from US$ 23.55 billion to US$ 29.12 billion in FY 2022-23.
Medicines and Pharmaceuticals: Exports of medicines and pharmaceuticals have also seen good growth, increasing from US$ 25.39 billion in FY 2022-23 to US$ 27.85 billion in FY 2023-24, showing a growth of 9.67%. Is.
Engineering Goods: There has been a marginal increase in exports of engineering goods, increasing from US$ 107.04 billion in FY 2022-23 to US$ 109.32 billion in FY 2023-24, showing a growth of 2.13%.
Agricultural products: According to the report, tobacco (19.46%), fruits and vegetables (13.86%), meat, dairy and poultry products (12.34%), spices (12.30%), grain products and miscellaneous processed items (8.96%), oilseeds Exports of agricultural products like oilseeds (7.43%) and cake (7.01%) have seen positive growth in FY 2023-24.
The growth in these sectors reflects the diversification of the Indian economy and the strength of the manufacturing sector.
Significant reduction in trade deficit
Along with the increase in exports, the report also noted a significant reduction in the trade deficit. The total trade deficit in FY 2023-24 is estimated at US$ 78.12 billion as compared to US$ 121.62 billion in FY 2022-23, a decline of 35.77%. The merchandise trade deficit has also improved, declining from US$ 264.90 billion in FY 2022-23 to US$ 240.17 billion in FY 2023-24.
These positive developments suggest that government efforts to promote exports and reduce the trade deficit are yielding results. While there are still challenges to overcome, the report paints a promising picture for the Indian economy’s future.
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