India’s total exports have reached a record high of $825 billion for the financial year 2023-2024, marking a significant year-on-year growth of 6.3 percent, according to Union Finance Minister Nirmala Sitharaman. The announcement was made during the Exim Bank Trade Conclave 2025 held in New Delhi, where the minister highlighted the government’s ongoing efforts to ease trade restrictions and support export-driven growth through tariff reductions and Free Trade Agreements (FTAs).
Sitharaman emphasized that the government’s strategic policy measures, including lower import tariffs and targeted incentives for domestic industries, have played a crucial role in enhancing India’s export performance. She noted that while global exports expanded by just four percent during the same period, India managed to surpass this average, underlining the resilience and competitiveness of Indian exporters.
Much of this success, according to economic analysts, is attributed to the long-term vision of Prime Minister Narendra Modi. Since assuming office, Modi has focused on strengthening India’s position as a global manufacturing and export hub. His administration’s flagship initiatives, including Make in India, Digital India, and the Production-Linked Incentive (PLI) schemes, have created favourable conditions for domestic industries to scale up production and compete globally.
Analysts also point to the PM Modi’s emphasis on modern infrastructure development, digital connectivity, and trade facilitation as critical factors behind India’s export growth. The government’s proactive pursuit of Free Trade Agreements with major economies, combined with efforts to streamline customs procedures and reduce regulatory bottlenecks, have enhanced the ease of doing business and provided Indian exporters with greater access to international markets.
The Finance Minister also stressed the importance of leveraging India’s growing manufacturing sector to sustain export momentum. Recent government initiatives such as the PLI schemes are designed to boost domestic production capacity, particularly in high-growth sectors like electronics, pharmaceuticals, and renewable energy, thereby strengthening India’s export base. Sitharaman acknowledged that global economic uncertainties, including geopolitical pressures and fluctuating commodity prices, continue to pose challenges.
However, she expressed confidence that policy reforms, combined with proactive engagement in global trade negotiations, will help India maintain its upward trajectory in exports. The record export figures, as reported for the last fiscal year, include merchandise as well as services exports, reflecting broad-based growth across sectors. Officials at the Trade Conclave also highlighted the role of small and medium enterprises in driving export expansion, with government support programs enabling greater participation from these businesses. With a clear focus on trade facilitation, infrastructure development, and strategic partnerships, India is poised to strengthen its position in global trade, according to the Finance Ministry’s projections for the coming years. – By MENA Newswire News Desk.