NEW DELHI — India’s goods and services exports have crossed a record $820
billion in financial year 2024-25, which represents a close to 6 per cent
increase over the corresponding figure of $778 billion for the previous
financial year, despite the economic uncertainties in global markets, according
to data compiled by the Commerce Ministry.
The figures were revealed at a meeting held by Commerce and
Industry Minister (CIM) Piyush Goyal with the Export Promotion Councils and
industry bodies here to discuss the emerging trade scenario.
The minister complimented the exporters for the all-time
high achievement in exports in spite of multiple headwinds, including the Red
Sea crisis, Israel-Hamas conflict spilling over to the Gulf region,
continuation of the Russia-Ukraine conflict and slow growth in some developed
economies. The Minister lauded the exporters for their resilience and efforts.
During the meeting, CIM Goyal also apprised the exporters
regarding ongoing discussions with the US for a mutually beneficial
multi-sectoral Bilateral Trade Agreement (BTA). The talks were kicked off by
Prime Minister Narendra Modi, who was one of the first global leaders to agree
on the BTA in his meeting with President Trump in February 2025.
The minister assured the exporters that the government will
work to provide a conducive environment to enable them to successfully navigate
the recent changes in the global trade environment.
He said the country is working in a proactive manner and
exploring solutions which are in the best interest of the nation. The team
working on BTA is exploring the right mix and the right balance, and he
exhorted the exporters not to panic and look at the silver lining in the
present scenario. He assured that the team is working with speed but not in
undue haste to ensure the right outcome for the country.
Goyal said that different countries are approaching tariff
imposition differently. However, as far as India is concerned, there is a
potential for an increase in manufacturing and, creation of additional jobs
because it can attract big players in the global supply chain as India has been
able to establish itself as a trusted and reliable partner and with a
predictable business-friendly destination.
Various Export Promotion Councils, representing a wide array
of sectors, presented their views and outlook in light of the emerging
challenges in global trade and requested the government to take proactive
measures to support the export industry in these challenging times.
The meeting was attended by Export Promotion Councils, Industry
bodies and officials from Commerce and line ministries.
