March 10, 2023
India is currently responsible for 1.8% of the world's merchandise trade
The country is also responsible for 4% of global services trade
The government is taking measures to increase these numbers to 10%
India's economy is one of the fastest-growing in the world
India’s combined merchandise and services exports for the current fiscal year ending in March will be around US$ 760-770 billion, according to Union Minister for State for Commerce and Industry, Anupriya Patel. In the previous fiscal year, India’s merchandise and services exports amounted to US$ 672 billion.
During the Sourcex India event held in New Delhi, Patel emphasized that India is currently responsible for only 1.8% of the world’s merchandise trade and 4% of services trade. She stated that the government is taking measures to increase these numbers to 10%.
Experts said that India’s economy is one of the fastest-growing in the world and there is ample potential for Indian businesses, particularly brands, to expand globally. They further mentioned that India will achieve US$ 770 billion in combined exports this year, up from US$ 672 billion the previous year.
The Sourcex India event aims to promote Indian brands in the international market, aligning with Prime Minister Narendra Modi’s goal of making India a global manufacturing hub.
Source: Economic Times