Bharat’s exports have established resilience among the world’s top 20
exporters in 2021-22, stated a PHD Chamber of Commerce and Industry report
released on Thursday.
The report titled – India’s Emerging Export Dynamis – expects that robust
service exports could push the nation to achieve the $2 trillion export goal by
2030.
This growth, an average of 24 per cent over the past two years, has been
attributed to competitive pricing and resilience in the global market,
positioning the sector as a significant driver for the ambitious export goal.
However, the report has called for government action to condense business
costs and enhance ease of doing business to maintain competitiveness.
Highlighting steady growth in India’s top 10 emerging export markets over
the last five years, the report cites significant growth in exports to Togo, Netherlands,
and Brazil, among others.
The growth of exports during 2021 and 2022 at 20 per cent and 9.7 per
cent respectively was the highest among the top 20 leading exporters, it added.
Export of commodities such as sugar, fuels, aluminium, and medical
apparatus has witnessed high growth, benefiting from the dynamic policy
environment and integration with global value chains, as noted by PHD Chamber president
Sanjeev Agrawal.
“After a strong rebound from the depths of the pandemic, the pace of
exports was slowing during the past few months, however, exports of goods and
services are showing signs of significant revival after a brief spell of
slowdown as October 2023 exports picked up by 9 per cent,” he added.
India’s merchandise trade deficit widened to a record high in October due
to surging gold imports and oil prices, exacerbated by global economic
challenges and geopolitical tensions.
The trade deficit widened to $31.46 billion last month, with imports at
$65.03 billion and exports at $33.57 billion, as per the data from the Commerce
Ministry.
In October last year, trade deficit stood at $26.31 billion.
The forthcoming Foreign Trade Policy (FTP) 2023, with its focus on
Duration, Dynamism, Decentralisation, Direction, and Disaster proofing, is
expected to boost India’s export capacity, aligning with the nation’s
self-reliant (atma nirbhar) vision, as stated by PHD Chamber Executive Director
Ranjeet Mehta.
NE Watch Desk
