India’s Exports Surges; Reflects Growing Global Demand For Indian Products

India’s export performance has seen impressive growth over the past decade, highlighting the rising global demand for Indian products. Union Minister of Commerce and Industry Piyush Goyal recently shared that India’s total exports reached about $778 billion in 2023-24, up from $466 billion in 2013-14—a remarkable growth of nearly 67%. During this period, India’s share in world merchandise exports increased from 1.66% to 1.81%, with its global ranking rising from 20th to 17th.

To sustain and accelerate this growth, the government has introduced several key initiatives. The Foreign Trade Policy 2023, launched in April, sets a clear roadmap for enhancing exports and simplifying trade processes. Additionally, the Interest Equalization Scheme on rupee export credit has been extended until December 2024, providing financial support to exporters.

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Sector-specific efforts have played a crucial role in driving this growth. The Agricultural and Processed Food Products Export Development Authority (APEDA) supports agri-product exports through financial aid, infrastructure development, and international trade participation. Similarly, the Marine Products Export Development Authority (MPEDA) boosts marine exports by improving value-addition facilities and aquaculture production.

Ensuring quality remains a priority. The Bureau of Indian Standards (BIS) enforces Quality Control Orders (QCOs) to maintain high standards for Indian products and prevent substandard imports. Additionally, schemes like the Remission of Duties and Taxes on Exported Products (RoDTEP) and the Rebate of State and Central Levies and Taxes (RoSCTL) support export-driven industries, particularly in labour-intensive sectors.

The government is also focused on empowering local exporters through initiatives like the Districts as Export Hubs program and digital platforms for trade certificates. These efforts demonstrate the government’s commitment to making India a global export powerhouse, boosting the economy and generating employment.