Bharat Progress Report 2024: India’s Exports Skyrocket To $778 Billion In FY 2023-24

India’s export sector has experienced remarkable growth over the past decade, showcasing the increasing global demand for Indian products. Union Minister of Commerce and Industry Piyush Goyal recently revealed in Parliament that India’s total exports surged from $466 billion in 2013-14 to approximately $778 billion in 2023-24, reflecting a 67% increase. The country’s share in global merchandise exports also rose from 1.66% to 1.81%, improving its global rank from 20th to 17th.

Strategic Government Initiatives Drive Growth

To maintain and speed up export growth, the Indian government has rolled out several policies and schemes. The Foreign Trade Policy 2023, unveiled in April, provides a clear roadmap for boosting exports and simplifying trade processes. In addition, the Interest Equalization Scheme on rupee export credit has been extended till December 2024, which would ease the financial burden of exporters.

Sector-specific initiatives have also been quite significant. APEDA is an Agricultural and Processed Food Products Export Development Authority, which supports agricultural exports through financial assistance, infrastructural development, and promotion of international trade. Similarly, MPEDA is focusing on increasing value-added marine product exports and improving aquaculture production.

Quality assurance continues to be a central component of India’s export strategy. The Bureau of Indian Standards (BIS) exercises stringent Quality Control Orders (QCOs) for the upkeep of quality for Indian products while preventing low-quality imports from entering the country.

Other initiatives include the Remission of Duties and Taxes on Exported Products (RoDTEP) and the Rebate of State and Central Levies and Taxes (RoSCTL), which support labour-intensive sectors to compete better in global markets.

Innovative Programs To Spur Exports

Innovative schemes have been launched by the government for promoting exports from the grassroot level. The program Districts as Export Hubs identifies the export potential of regions, and processes for obtaining certifications for trading are made hassle-free on digital platforms. This initiative will help create jobs at the local levels and boost India’s image as one of the premier exporters across the world.

Indeed, India’s robust export growth is the success of its policies and the resilience of her industries. With constant government support, sectoral advancement, and quality considerations, India is well and ready to further strengthen herself as a global export superpower in terms of accelerating economic growth and employment avenues.

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