April 17, 2023
India's overall exports of goods and services have reached a new high of US$ 770 billion in 2022-23
India's services exports increased by 27.16% to US$ 323 billion in 2022-23
India has released a new Foreign Trade Policy (FTP) aimed at increasing outward shipments to US$ 2 trillion by 2030
The FTP will promote rupee trade and e-commerce exports, among other things
India’s exports rose by 6% to US$ 447 billion in FY23 from US$ 442 billion in the previous year, according to commerce minister Piyush Goyal.
On the other hand, imports increased by 16.5% to US$ 714 billion in FY23 compared to US$ 613 billion in the previous year, while exports rose by 6% to US$ 447 billion from US$ 442 billion in the previous year.
Goyal also reported that India’s overall exports of goods and services have reached a new high of US$ 770 billion in 2022-23, a 14% increase from the previous year’s US$ 676 billion.
Furthermore, India’s services exports increased by 27.16% to US$ 323 billion in 2022-23, up from US$ 254 billion in 2021-22, which Goyal cited as evidence of India’s expanding international presence. Goyal also revealed that India has introduced a new Foreign Trade Policy aimed at increasing outward shipments to US$ 2 trillion by 2030 and promoting rupee trade e-commerce exports, among other goals.
This new Foreign Trade Policy (FTP) 2023 differs from previous 5-year FTPs in that it has no set end date and will be updated in response to changing global circumstances. Goods exports have shown significant growth given the current global situation, while services exports are expected to experience a substantial increase in the current fiscal year.
Source: Economic Times