India’s total exports, including services, is expected to cross the $800 billion mark this year.
| Photo Credit: VIPIN CHANDRAN
India’s goods exports jumped 17.25% to $39.2 billion in October, marking the best month in recent times, even as the import bill surged to a fresh record high of $66.34 billion, 3.9% over the same month last year.
Between April and October, India’s non-petroleum exports have surged to the highest ever tally of $211.3 billion and if this trend continues, India’s total exports, including services, will cross the $800 billion mark this year to set a new record, Commerce Secretary Sunil Barthwal said.
The merchandise trade deficit has widened from a five-month low of $20.8 billion in September to $27.14 billion in October.
“Our strategy of focusing on certain sectors and countries is now yielding results and our manufacturing competitiveness has gained with schemes like the Production Linked Incentives, and our approach to industrial policy, trade policy and foreign policy,” Mr. Barthwal said.
“If you look at the UNCTAD and the World Trade Organisation (WTO) projections for this year, they are very pessimistic. But despite the global situation being highly volatile, growth in the Western countries slowing with some recessionary trends, and the disruptions in global trade routes, our exporters have been able to do well in several sectors,” he emphasised, citing healthy double-digit growth in engineering goods, chemicals, electronics, rice, and labour-intensive sectors like readymade garments and textiles.
“A key factor for the 17%-plus growth in exports could be improved demand for this Christmas from developed markets as firms start stocking up inventories for the festival. This demand seems far better than last year and gives us confidence that the coming months will also see a healthy uptick,” the top trade official said.
Published – November 14, 2024 03:03 pm IST