Blitz Bureau
NEW DELHI: India’s goods and services exports have crossed a record $820 billion in financial year 2024-25, which represents a close to 6 per cent increase over the corresponding figure of $778 billion for the previous financial year, despite the economic uncertainties in global markets, according to data compiled by the Commerce Ministry.
The figures were revealed at a meeting held by Commerce and Industry Minister (CIM) Piyush Goyal with the Export Promotion Councils and industry bodies here to discuss the emerging trade scenario.
Goyal complimented the exporters for the all-time high achievement in exports in spite of multiple headwinds, including the Red Sea crisis, Israel-Hamas conflict spilling over to the Gulf region, continuation of the Russia-Ukraine conflict and slow growth in some developed economies. The Minister lauded the exporters for their resilience and efforts.
During the meeting, Goyal also apprised the exporters regarding ongoing discussions with the US for a mutually beneficial multi-sectoral Bilateral Trade Agreement (BTA). The talks were kicked off by Prime Minister Narendra Modi, who was one of the first global leaders to agree on the BTA in his meeting with President Trump in February 2025.
He assured the exporters that the Government will work to provide a conducive environment to enable them to successfully navigate the recent changes in the global trade environment. He said the country is working in a proactive manner and exploring solutions which are in the best interest of the nation. The team working on BTA is exploring the right mix and the right balance, and he exhorted the exporters not to panic and look at the silver lining in the present scenario. He assured that the team is working with speed but not in undue haste to ensure the right outcome for the country.
Goyal said that different countries are approaching tariff imposition differently. However, as far as India is concerned, there is a potential for an increase in manufacturing and, creation of additional jobs because it can attract big players in the global supply chain as India has been able to establish itself as a trusted and reliable partner and with a predictable business-friendly destination.
Various Export Promotion Councils, representing a wide array of sectors, presented their views and outlook in light of the emerging challenges in global trade and requested the Government to take proactive measures to support the export industry in these challenging times.
