India, Aug 27 : India’s merchandise exports have crossed the $200-billion milestone during the current financial year up to August 21, supported by sustained growth in shipments and strong performance across several key sectors.
Latest estimates indicate that exports during the third week of August exceeded $25 billion, according to a senior government official. The development has strengthened expectations within the government that India’s goods exports could cross $500 billion for the first time during the financial year.
Commerce and Industry Minister Piyush Goyal has also set a broader target of taking the country’s combined exports of goods and services to $1 trillion.
Petroleum products have remained an important contributor to the increase in overseas shipments. Electronics exports, particularly mobile phones, have also recorded strong growth, reflecting the expansion of domestic manufacturing and rising global demand for Indian made devices.
Engineering goods have provided another major boost to exports, although some traditional export segments, including textiles, continue to face challenges.
The depreciation of the Indian rupee against the US dollar has also provided some support to exporters by making Indian products more price competitive in international markets.
Official trade figures for April-July showed notable growth in shipments to several emerging markets. Exports to China, Southeast Asia and African countries recorded significant increases during the period.
The government is seeking to build on the momentum by expanding India’s export base, improving manufacturing capabilities and increasing the country’s presence in global supply chains.
If the current pace of growth continues through the remaining months of the financial year, India could achieve a new milestone in merchandise exports and move closer to its larger $1-trillion combined goods-and-services export ambition.
