According to the Director General of the Federation of Indian Export Organisations (FIEO), Ajay Sahai, India’s exports of goods and services are expected to reach $900 billion in the current financial year, up from $770 billion in the previous year, despite global challenges.
Merchandise exports are expected to expand to around $495 billion to $500 billion, while services exports are predicted to touch $400 billion in the year ending March 2024. The Trade Minister, Piyush Goyal, has urged exporters to explore new markets due to the potential impact of the Ukraine war and a global economic slowdown.
The Indian government has set an export target of $2 trillion by 2030, offering benefits to boost exports of electronics, engineering, pharmaceutical, and other goods.
Although exports of engineering, gems, and jewellery goods have slowed in the last few months, exports of agricultural, petroleum, and electronic goods have remained strong in the Western markets due to pricing factors, while exports to Asian and Middle East countries have grown significantly.
Indian exporters are optimistic about the demand for Indian goods, particularly food, in Russia, following Western sanctions imposed over the Ukraine war, and are hopeful that both countries will soon establish a mechanism allowing payments in local currencies, which will facilitate the shipment of Indian goods to Russia.
