Buoyed by the services sector, India’s exports rose 14% to a record $770 billion during the last financial year, while imports jumped to a new high of $892 billion, amid a slowdown in goods demand due to the global headwinds.India's Exports Rise 14% to Record 770 Billion in FY23
India's exports have risen by 14% to a record high of 770 billion in the financial year 2022-23, driven by a strong performance in key sectors such as engineering goods, pharmaceuticals, and textiles.
According to data released by the Ministry of Commerce and Industry, India's exports in March 2023 stood at 34 billion, up by 17.3% compared to the same month last year. Imports in March 2023 also rose by 29.3% to 49.3 billion, resulting in a trade deficit of 15.3 billion.
The increase in exports is a positive sign for the Indian economy, which has been hit hard by the COVID-19 pandemic. The government has been taking steps to boost exports, including the implementation of the Production-Linked Incentive (PLI) scheme, which aims to promote domestic manufacturing and increase exports.
The PLI scheme has been a key driver of growth in the engineering goods and pharmaceutical sectors, which have recorded significant increases in exports in the last financial year. The textiles sector has also performed well, with exports rising by 16.8% in the last financial year.
In addition to the PLI scheme, the government has also taken other measures to promote exports, including the creation of new export promotion councils and the streamlining of export procedures.
The increase in exports has also helped to reduce the country's trade deficit, which has been a concern for the Indian economy in recent years. However, the rising cost of crude oil and other commodities could put pressure on the country's trade balance in the coming months.
Overall, the strong performance of India's exports in the last financial year is a positive sign for the economy and is likely to provide a boost to employment and growth in the coming years. The government's focus on promoting domestic manufacturing and exports is expected to continue, with further measures likely to be announced in the coming months.
In conclusion, India's exports have risen by 14% to a record high of 770 billion in the financial year 2022-23, driven by strong performance in key sectors such as engineering goods, pharmaceuticals, and textiles. The increase in exports is a positive sign for the Indian economy, which has been hit hard by the COVID-19 pandemic. The government's measures to promote exports, including the PLI scheme and the creation of new export promotion councils, are expected to continue to drive growth in the coming years.
