Summary:

India's overall exports of goods and services in 2024 are expected to reach Rs. 69,58,886 crore (US$ 814 billion), a 5.58% increase from 2023. This growth is led by a 10.31% rise in services exports to Rs. 31,82,793 crore (US$ 372.3 billion), while product exports are predicted to climb 2.34% to Rs. 37,74,384 crore (US$ 441.5 billion). Machinery and electronics are gaining significance, while textiles and gemstones are declining.

Despite growth, Indian exports face obstacles from the delayed global trade recovery and geopolitical conflicts, such as the Russia-Ukraine war and the Israel-Hamas conflict. Disruptions in Red Sea shipping routes have exacerbated supply chain vulnerabilities. GTRI Founder Ajay Srivastava emphasizes India's need to focus on higher-value industries for long-term export sustainability, while also acknowledging the challenges posed by the current global trade climate, which is influenced by ongoing economic and geopolitical concerns.

Source: IBEF 

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