A. Sakthivel, Chairman of the Apparel Made-ups and Home Furnishing Sector Skill Council, stated Thursday that India’s total exports, including merchandise and services, are expected to exceed USD 800 billion this fiscal year, owing to government support and competitive offerings from domestic producers. He cited the government’s efforts to reduce compliance costs, promote ease of doing business, and increase industrial competitiveness as key factors to this growth.
Sakthivel voiced optimism about India’s export capacity, highlighting initiatives such as the production-linked incentive (PLI) plan that has boosted manufacturing. “The PLI scheme is proving successful in strengthening domestic manufacturing,” he noted, pointing to the positive reaction Indian exporters are receiving from both emerging and advanced economies, despite global geopolitical challenges.
Commerce and Industry Minister Piyush Goyal has been actively engaging stakeholders to alleviate the effects of crises, especially those in the Red Sea region. India’s exports during the preceding fiscal year totalled USD 778 billion.
Additionally, the Cabinet will boost manufacturing by approving 12 new industrial cities in states such as Bihar, Andhra Pradesh, and Maharashtra.
From April to September, exports increased by 1% to USD 213.22 billion, while imports increased by 6.16% to USD 350.66 billion, resulting in a trade deficit of USD 137.44 billion.
