INVC NEWS
New Delhi : This news has brought good news for the Indian industry, not only will the Indian industry now have more money but Indians will also have more jobs and India’s coffers will be filled with foreign currency, according to the data released by the Ministry of Commerce, Government of India. It turns out that India’s total exports, goods and services combined, are estimated at US$ 776.68 billion in the recently concluded financial year 2023-24, which is largely stable on an annual basis.
During this period, exports of goods declined by 3.1 percent to $437.06 billion and exports of services increased by 4.4 percent to $339.62 billion. Talking about exports in March 2024, merchandise exports declined by 0.7 percent to US $ 41.68 billion and service exports declined by 6.3 percent to US $ 28.54 billion.
India’s total exports were worth US$ 775.87 billion in 2022-23. During that period, there was an increase of about 100 billion US dollars i.e. more than 14 percent on annual basis in exports. Talking about imports, India’s total imports declined by 4.8 percent to US $ 854.80 billion in 2023-24. Exports of goods and services declined by 5.41 percent and 2.46 percent respectively in March 2024.
Advertisement
The government has taken several steps over the years to promote exports and reduce imports. These steps included launching production linked incentive (PLI) scheme in various sectors including electronic goods. This step was also taken to make Indian manufacturers globally competitive, attract investment, increase exports, integrate India into the global supply chain and reduce dependence on imports. It seems that the steps taken by the government are slowly but surely bringing results.
If India’s exports continue to grow at this pace, then the day is not far when India will export more than it imports and India’s economy will become the best in the world.
