India’s economy is currently growing at the fastest pace in the world. The reason for the rapid growth of the economy is exports and to increase exports, the government is entering into free trade agreements (FTAs) with many countries, which is opening doors for India to the countries of Africa, South America and Central Asia. On the basis of these, India’s exports can reach one trillion by 2030.
News agency ANI reported that India’s exports increased by 11.9 percent to $41.4 billion in February 2024. This was the highest export by India after March 2023. During this period, drugs, pharma, engineering and electrical goods were exported from India.
Getting support from new markets
Exports to new markets such as Africa, Latin America and Central Asia during the April-December 2023 period have seen a significant inflow of goods worth US$ 234 million, including cars, two-wheelers and three-wheelers and precious metals.
India’s exports will reach one trillion
Ajay Sahai, on behalf of Federation of Indian Export Organization (FIEO), said that India’s exports are expected to be encouraging in the medium to long term perspective. We will be able to touch the export figure of one trillion dollars by 2030. Although there are some problems in the first quarter of the next financial year, we are hopeful that after the US Fed reduced the interest rates, we may see an increase in demand from many countries.
India exports the most to these countries
India’s largest export is to America. This is 15 percent of total exports. After this, UAE is at second place with 11 percent. At the same time, Hong Kong is at third place with 5 percent, China and Singapore are at fourth place with 4-4 percent and UK is at fifth place with 3 percent.
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