India’s exports have increased by 6% to $447 billion in the fiscal year 2022-23, according to the latest data released by the government. The increase is a positive sign for India’s economy, which has been struggling with the impact of the COVID-19 pandemic.
India have been growing steadily over the years, and the latest figures show that the trend is continuing. The country’s merchandise export for the fiscal year 2022-23 stood at $447 billion, up 6% from the previous year’s figure of $421 billion. The growth in export was driven by sectors such as engineering goods, petroleum products, and gems and jewellery.
The engineering goods sector, which is one of the largest contributors to India’s export, registered a growth of 7.5% in the fiscal year 2022-23. The sector’s export were valued at $79.7 billion, up from $74.1 billion in the previous year. Similarly, the petroleum products sector, which is the second-largest contributor to India’s export, registered a growth of 10% in the fiscal year 2022-23. The sector’s export were valued at $62.7 billion, up from $57.1 billion in the previous year.
The gems and jewellery sector, which is another significant contributor to India’s export, also showed growth in the fiscal year 2022-23. The sector’s export were valued at $29.4 billion, up from $25.5 billion in the previous year, a growth of 15%.
India’s exports to major trading partners such as the US, China, and the UAE also showed growth in the fiscal year 2022-23. The country’s exports to the US, which is its largest trading partner, stood at $59.5 billion, up from $57.5 billion in the previous year, a growth of 3.5%. Similarly, India’s exports to China stood at $20.5 billion, up from $16.5 billion in the previous year, a growth of 24%. India’s exports to the UAE stood at $29.1 billion, up from $28.4 billion in the previous year, a growth of 2.5%.
The increase in India’s exports is a positive sign for the country’s economy, which has been hit hard by the COVID-19 pandemic. The pandemic has disrupted global supply chains, leading to a decline in demand for goods and services. India’s exports were also impacted by the pandemic, with several sectors such as textiles and apparel, leather goods, and handicrafts facing significant challenges.
However, the Indian government has taken several measures to support the country’s exporters and boost exports. The government has introduced schemes such as the Export Promotion Capital Goods (EPCG) scheme, which allows exporters to import capital goods at zero or concessional duty, and the Merchandise Exports from India Scheme (MEIS), which provides incentives to exporters.
The Indian government has also signed several free trade agreements (FTAs) with other countries to boost exports. The government has signed FTAs with countries such as Japan, South Korea, and ASEAN, among others.
In addition, the government has set a target of $1 trillion in exports by 2025, which is ambitious but achievable if the current growth rate is maintained. To achieve this target, the government has identified several sectors such as textiles, electronics, and pharmaceuticals for focused attention.
Overall, the increase in India’s exports is a positive sign for the country’s economy, and the government’s efforts to support exporters are bearing fruit. With the right policies and initiatives, India’s exports have the potential to become a major driver of the country’s economic growth.
