In a remarkable achievement, India’s merchandise exports have surpassed the $400 billion mark in the financial year 2024, setting a new record for the country. This milestone represents a significant increase from the previous year’s figures and reflects the resilience and adaptability of Indian exporters in the face of global economic challenges. The growth in exports has been driven by strong performances across various sectors, including engineering goods, pharmaceuticals, gems and jewelry, and textiles. The government’s efforts to promote exports through policy interventions, such as the introduction of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme and the extension of the Foreign Trade Policy, have also contributed to this success. The achievement of the $400 billion target has been widely celebrated, with industry leaders and policymakers hailing it as a testament to India’s manufacturing prowess and global competitiveness. The government has set ambitious targets for the coming years, aiming to further boost exports and reduce the trade deficit. The sustained growth in exports is expected to have a positive impact on employment generation and economic development in the country.
