India to hit US$800 billion export target for 2024

India is set to reach its ambitious export target of US$800 billion this year, according to Indian Commerce Secretary Shri Sunil Barthwal, following a record-breaking surge in exports for October, as reported by ANI, a partner of TV BRICS.

According to the Ministry of Commerce and Industry, overall exports jumped by over 19 per cent last month, with merchandise exports up 17 per cent and services exports seeing a remarkable 21 per cent rise.

Commerce Secretary expressed confidence in the latest trade figures, highlighting that from April to October, India recorded its highest-ever non-petroleum exports. Total exports for the period stand at approximately US$468.27 billion, reflecting a 7.28 per cent increase year-on-year. “If we continue in this manner, we will undoubtedly surpass the US$800 billion target this fiscal year, setting new records for India’s export achievements,” he stated.

Engineering goods exports rose by over 39 per cent, electronic goods by 45 per cent, and organic and inorganic chemicals by 27 per cent. In a notable development, rice exports soared by more than 85 per cent, bolstered by recent export controls aimed at ensuring food security.

Labour-intensive sectors have also flourished, with textile and readymade garment exports increasing by over 35 per cent.

India’s export growth trajectory and strategic investments in key sectors position the country strongly in the global market, driving forward its economic ambitions for 2024 and beyond.

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