India Poised to Achieve Record $800 Billion in Exports for FY25

India is on the path to achieve $800 billion in exports in the 2024-25 fiscal for the first time, according to the government, signalling a robust economy and continued growth across sectors.

According to the Union Commerce and Industry Minister, Piyush Goyal, exports have been growing and have risen significantly in the last four years.

We will end the fiscal year with exports of over $800 billion for the first time," the minister said during Question Hour in Rajya Sabha.

However, there are some unavoidable imports such as petroleum products, coking coal, pulses, and edible oils due to local shortages and heavy demand. An increase in imports is a healthy sign for the economy as it reflects increased consumption in the domestic market.

It will take sometime to a few years to establish and set up a production unit in those segments, the minister added.

As demand for Indian products in the global market surges across categories, the country's total exports reached about $778 billion in FY2023-24 as against $466 billion in FY 2013-14 that registered a whopping 67 per cent growth.

Consequently, Goyal explained, India's share in world merchandise exports also improved from 1.66 percent to 1.81 percent as the country advanced in rankings from 20th to 17th position. The achievement was brought about as the government implemented several initiatives to sustain and accelerate export growth.

This has been a time of sharp increases in exports for several key product categories, with the country maintaining or improving its rank among the top 10 global suppliers. The strategic focus on electronics and semiconductors has earned impressive results for the country.

Finance Minister Nirmala Sitharaman on Wednesday announced in the Union Budget 2025-26 that there would be an Export Promotion Mission, driven jointly by Ministries of Commerce and MSME with set sectoral and ministerial targets.

"This will enable easy access to export credit, cross-border factoring support, and support to MSMEs to negotiate non-tariff measures in overseas markets," the Finance Minister added.