In accordance with the official data published on Wednesday, India’s goods and services exports reached $62.26 billion in October, marking a 9.43% year-on-year growth.

The main sectors contributing to this growth include pharmaceuticals and medicines, machinery products, electronic goods, cotton yarn and handmade items, iron ore, ceramic products, and glassware, as well as meat, dairy products, and poultry products. This is reported by
ANI, a partner of TV BRICS.

However, a decrease in India’s overall export volume is expected in fiscal year 2023-24, reaching $437.54 billion, which represents a 1.61% decrease compared to the previous year.

The trade deficit increased to $17.08 billion in October, with the total import volume reaching $79.35 billion. Overall, a trade deficit of $57.64 billion is expected in the fiscal year. 

Despite this, India’s total export volume in March 2022-23 reached $775.87 billion, exceeding the previous year’s figures by 14% and nearly $100 billion. India’s goods and services exports in fiscal year 2022-23 grew by 6.74% and 27.86% respectively, reaching $450.43 billion and $325.44 billion.

One of the measures taken by the government is the introduction of a production stimulation scheme in various sectors, including electronic goods, to make Indian producers competitive in the global market and boost exports.

Photo:
IStock