India’s Exports in FY23 to touch about $770 billion

India’s Exports in FY23 to touch about $770 billion

The merchandise and services exports of India in the current financial year ending March 2023 will be close to $760-770 billion, said Union Minister for State for Commerce and Industry Anupriya Patel on March 9, 2023.

The country’s merchandise and services exports stood at $672 billion in the last fiscal.

“We are focusing in every possible way on how we can export more and more because today India’s share in global merchandise trade is close to 1.8 per cent. As far as services trade is concerned, it is just 4 per cent. We want to take it to 10 per cent,” Patel said at the Sourcex India event in New Delhi.

The union minister also mentioned that the Indian economy is one of the fastest-growing economies in the world, and with the increasing globalisation of trade, there is immense potential for Indian businesses, particularly brands, to expand their footprint in the international market.

Around 100 foreign buyers from more than 30 countries participated in Sourcex India 2023, the flagship reverse buyer-seller meet organised by Federation of Indian Export Organisations (FIEO). A. Sakthivel, FIEO President, said that despite global headwinds, Indian exports will give an additional $100 billion over and above what was achieved in 2021-22.