New Delhi, November 15 (IANS). Given the strong and resilient pace of exports in the current financial year, industry experts on Friday said they expect India’s total exports to cross $800 billion in the coming months.
India’s exports rose to more than $73 billion in October from $61 billion in the same month last year, registering a growth of more than 19 percent.
Cumulative total exports grew by over 7 per cent during April-October 2024 to $468.2 billion from $436.4 billion in April-October 2023.
Despite geopolitical headwinds, India’s total exports recorded double-digit growth.
“This strong growth is driven by over 20 per cent growth in non-petroleum and non-gems and jewelery exports,” said Hemant Jain, president, PHD Chamber of Commerce and Industry (PHDCCI).
India’s stand-alone merchandise exports rose 17.25 per cent to $39.20 billion during October, compared to $33.43 billion in the same month last year, according to Commerce and Industry Ministry data.
The cumulative value of merchandise exports during April-October was $252.28 billion, compared to $244.51 billion in the same period last year.
“Given the resilient and strong momentum of exports in the current financial year, we are highly optimistic that India’s total exports will cross $800 billion in the coming months,” Jain said.
The value of non-petroleum exports in October 2024 was $34.61 billion, registering a growth of 25.63 percent compared to the corresponding figure of $27.55 billion in October 2023.
According to Aditi Nair, Chief Economist and Head-Research and Outreach, ICRA, “Non-oil merchandise exports recorded a sequential and year-on-year surge, which is an encouraging sign, led by exports such as electronic goods, engineering goods, chemicals and apparel. Areas did.”
“Looking ahead, we expect the current account deficit to narrow to 1.2 per cent of GDP in the current quarter, down from a projected 1.8 per cent of GDP in Q2FY2025,” Nair said. And is stable around 1.0 percent of GDP for the full year.”
–IANS
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