There is going to be a tremendous increase in exports from India. Despite the economic slowdown and worldwide conflicts, India’s exports will grow rapidly and surpass $1 trillion by 2030. In this, bilateral agreements, such as the Free Trade Agreement (FTA), and markets in Africa, Latin America, and Central Asia will greatly help. Exports of expensive metals, minerals, automobiles, electronics, pharma, organic chemicals, textiles, spices and defence products from India are expected to increase rapidly.
India Is Exploring Business Possibilities Of New Countries.
Exports from India are continuously increasing. In February 2024, it jumped by 11.9 per cent annually to $41.4 billion. This was the largest figure after March 2023. Pharma, engineering and electric products have played an important role in this. India has recently emphasized increasing trade with the countries of Africa, Latin America and Central Asia. This is also helping exports a lot. About $234 million worth of trade occurred between April and December 2023 with these countries.
FTAs Can Be Done With Britain and Oman Soon
India recently signed an FTA with 4 European countries (EFTA). These include Iceland, Liechtenstein, Norway and Switzerland. With this agreement, Indian products can reach European markets easily. Apart from this, FTAs can also be signed with Britain, Oman, and many other Eurasian countries soon. India’s maximum exports are to America, Hong Kong, China, Singapore and the United Kingdom.
India Will Perform Well Despite Challenges
FIEO DG Ajay Sahay said that good news will come on the export front in the coming years. We can easily achieve the figure of one trillion dollars in export of goods and services by 2030. However, at the beginning of the next financial year, inflation and geopolitical problems may challenge exports. We believe the US Fed may reduce interest rates in the next review. This will help other countries to do the same. Due to this, demand will increase rapidly in many countries.
