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India's exports set to exceed $800 billion this fiscal year: A Sakthivel
Industry News- Nov 08,24
He highlighted that the establishment of 12 new industrial cities would further stimulate domestic manufacturing, while the success of the Production-Linked Incentive (PLI) scheme has bolstered the manufacturing sector.
India's goods and services exports are expected to surpass $800 billion this fiscal year, driven by strong government support and competitive domestic products, according to an industry official.
A Sakthivel, Chairman-Apparel Made-ups and Home Furnishing, Skill Council, expressed confidence in the target, noting the government's initiatives to enhance industry competitiveness, improve ease of doing business, and reduce compliance burdens.
Sakthivel highlighted that the establishment of 12 new industrial cities would further stimulate domestic manufacturing, while the success of the Production-Linked Incentive (PLI) scheme has bolstered the manufacturing sector.
Despite a challenging geopolitical environment, Indian exporters are receiving robust orders from both developed and developing economies. He also noted that Commerce and Industry Minister Piyush Goyal is actively engaging with stakeholders, including the shipping industry, to mitigate the impact of the Red Sea crisis.
India's exports totaled $778 billion last year. From April to September this fiscal, exports rose by 1% to $213.22 billion, while imports increased by 6.16% to $350.66 billion, resulting in a trade deficit of $137.44 billion.
The Cabinet has approved the development of 12 industrial townships in states such as Bihar, Andhra Pradesh, and Maharashtra, with four already developed and work underway in another four. These townships are designed with modern infrastructure, including common effluent facilities, utilities like water and power, and digital connectivity.
(ZEEBIZ)
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