India’s exports jump 67% in a decade, reaching $778 billion

India’s export performance has witnessed significant growth over the past decade, underscoring the increasing credibility and demand for Indian products in the global market. Union Minister of Commerce and Industry Piyush Goyal, responding to a parliamentary query highlighted that India’s total exports surged to approximately $778 billion in 2023-24, compared to $466 billion in 2013-14—a growth of nearly 67 per cent.  During this period, India’s share in world merchandise exports also improved from 1.66 per cent to 1.81 per cent, with the country advancing in rankings from 20th to 17th position.

The government has implemented several initiatives to sustain and accelerate export growth. The Foreign Trade Policy 2023, launched in April 2023, provides a roadmap for enhancing exports and easing trade processes. Additionally, the Interest Equalization Scheme on rupee export credit has been extended until December 2024 to support exporters financially.

Sector-specific efforts have been pivotal in this growth. The Agricultural and Processed Food Products Export Development Authority (APEDA) promotes agri-product exports through financial assistance, infrastructure upgrades, and international trade participation. Similarly, the Marine Products Export Development Authority (MPEDA) supports marine exporters by enhancing value-addition facilities and aquaculture production.

Quality assurance remains a priority, with the Bureau of Indian Standards (BIS) enforcing Quality Control Orders (QCOs) to ensure high standards for Indian products and curb substandard imports. Schemes like the Remission of Duties and Taxes on Exported Products (RoDTEP) and the Rebate of State and Central Levies and Taxes (RoSCTL) further support export-driven industries, particularly labour-intensive sectors.

Initiatives such as the Districts as Export Hubs program and digital platforms for trade certificates demonstrate the government’s commitment to promoting exports. These measures aim to make India a global export powerhouse, boosting the economy and generating employment.