According to a top official of a grouping of exporters, India’s exports of products and services could reach $900 billion in the current fiscal year, up from $770 billion in the year prior. This indicates that India is remaining resilient despite global challenges. According to Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO), merchandise exports might increase to between $495 billion and $500 billion in the year ending March 2024, while services exports could reach $400 billion.
He noted that the demand from abroad is still high in several markets. However, Piyush Goyal, the minister of trade, urged exporters to look into new markets due to the potential effects of the Ukrainian conflict and a global slowdown.”The times ahead are going to be very, very tough,” Goyal said in a late-night speech at an industry event. on Wednesday, while highlighting the conflict’s consequences. The administration of Prime Minister Narendra Modi has set an export goal of $2 trillion by 2030 and is providing incentives to encourage the sale of goods including electronics, engineering, pharmaceuticals, and other items.Due to pricing issues, exports of electronics, petroleum, and agricultural products have remained robust in Western markets while shipments to Asian and Middle Eastern nations have increased significantly, according to exporters. Following the Western sanctions imposed due to the Ukraine war, Sahai, who was a member of a 50-member business delegation to Russia last week, claimed that there was a huge demand for Indian goods, particularly food.
Indian exporters are hoping that both nations will soon come up with a system that will allow payments to be made in local currencies, facilitating the shipment of Indian goods. Sahai said, “to Russia. However, according to Indian officials, Russia was hesitant to accept rupee payments for its oil exports. India has urged talks to end tensions but has not openly denounced Russia’s invasion of Ukraine in February 2022.
