India’s Exports Grow in 2023-24: Economic Survey Highlights
The economic survey of 2023-24, presented in the Indian parliament, shows significant growth in India’s exports over the past few years.
Key Highlights
India’s share in global goods exports rose to 1.8% in FY24, compared to an average of 1.7% during FY16-FY20. Similarly, its share in global services exports increased to 4.3% in FY23 from an average of 3.3% during FY16-FY20.
Overall exports reached USD 776 billion in FY23, while imports increased to USD 898 billion. Despite global challenges, exports in FY24 grew by 0.23%, and imports declined by 4.9%.
Post-Pandemic Recovery
Post-pandemic, services exports have maintained steady momentum, accounting for 44% of India’s total exports in FY24. The slowdown in FY 2020 was due to the global pandemic, but exports rebounded significantly in FY 2022.
First Two Months of FY25
During the first two months of FY25, overall exports increased to USD 133.6 billion, compared to USD 122.4 billion in the same period of the previous year. Imports also rose from USD 136.4 billion to USD 149.9 billion, widening the trade deficit from USD 14 billion to USD 16.3 billion.
Global Share
India’s share in world merchandise exports stood at 1.8% in 2022, and its share in commercial services exports was 4.4%. The country’s share in world merchandise plus services exports was 2.4%, up from 2.2% in 2021. India’s share of world merchandise imports was 2.8% in 2022, and its share of world commercial services imports was 4.0%.
Doubts Revealed
Economic Survey -: An Economic Survey is a report that gives an overview of a country’s economic performance over the past year. It is presented in the parliament before the budget.
Parliament -: The Parliament is the place where laws are made in India. It has two houses: the Lok Sabha (House of the People) and the Rajya Sabha (Council of States).
Exports -: Exports are goods or services that a country sells to other countries. For example, India might sell spices or software services to other countries.
Imports -: Imports are goods or services that a country buys from other countries. For example, India might buy oil or electronics from other countries.
FY24 -: FY24 stands for Fiscal Year 2024. A fiscal year is a one-year period that governments use for accounting and budget purposes. In India, it starts on April 1 and ends on March 31 of the next year.
USD -: USD stands for United States Dollar, which is the currency used in the United States. It is often used in international trade.
Global Goods Exports -: Global goods exports refer to the total amount of physical products that are sold by all countries around the world.
Global Services Exports -: Global services exports refer to the total amount of services, like IT or tourism, that are sold by all countries around the world.
0.23% -: 0.23% is a small percentage that shows how much India’s exports grew in FY24 compared to the previous year.
4.9% -: 4.9% is a percentage that shows how much India’s imports decreased in FY24 compared to the previous year.
