FTAs and new markets will increase India’s export to $1 trillion by 2030

FTAs and new markets will increase India’s export to $1 trillion by 2030

New Delhi: Despite global trade uncertainties, India's exports are charting a new course, bilateral agreements, free trade agreement (FTA) and venturing into uncharted territories like Africa, Latin America, and Central Asia have led to all time high export of USD.

With these new initiatives, India has seen a surprising surge in exports of precious metals, minerals, automobiles, electronics, pharmaceuticals, organic chemicals, textiles, spices and defence equipment.

Exports from India soared 11.9 per cent year-on-year to USD 41.4 billion in February 2024, the highest level since March 2023, boosted by sales of drugs and pharmaceuticals, engineering and electrical goods.

Exports to new markets like Africa, Latin America and Central Asia, have witnessed a significant influx of USD 234 million worth of goods, including cars, two- and three-wheelers, and precious metals, during the April-December 2023 period.

This translates to a 5 per cent growth in exports for key sectors.

FIEO DG Ajay Sahai said, "The medium- to long-term prospects of Indian exports are very encouraging. We are on course to reach the target of USD 1 trillion each in goods and services exports by 2030. However, in the first quarter of the next financial year, some challenges may be faced due to high inflation and geopolitical uncertainties.