According to exporters, the fact that India registered an all-time high in goods and services exports of US $ 770 billion despite global economic uncertainty has demonstrated the country’s export sector’s resiliency.
The chairman of the Federation of Indian Export Organizations (FIEO), A Sakthivel, stated that the US $ 447.47 billion in merchandise exports in 2022-2023 was primarily due to the phenomenal growth in the exports of electronic goods and petroleum products, along with growth in the exports of agricultural and processed foods, marine products, leather goods, apparel, and pharmaceuticals.
Approximately 40 per cent of the additional GDP in 2022–2023, he continued, was generated by exports. Notwithstanding the global headwinds and recessionary trends in significant markets, the Apparel Exports Promotion Council (AEPC) said that exports reached a new high.
AEPC Chairman Naren Goenka said, ”The spectacular export performance of merchandise and service exports is testimony to India’s growing dominance in the emerging global economic order”.
As a result of the numerous transformational reforms the government has implemented, according to Sanjay Budhia, chairman of the CII National Committee on EXIM and MD of the Patton Group, India has truly established itself as a trusted partner to the rest of the world.
”Industry is confident that India will scale greater heights and achieve more milestones in future to become the global hub of exports,” he said.
