Schedule a Call Back
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)
Related Stories
Electrical & Electronics
India unveils Rs 250 billion plan for electronics components manufacturing
The scheme will adopt a different incentive structure, as components and subassemblies are capital-intensive, unlike smartphones where smaller investments are required for larger manufacturing opera..
Read morePolicy Regulation
GTRI calls for steel sector assessment before safeguard duty imposition
The Directorate General of Trade Remedies (DGTR) began an investigation last month into imports of ‘Non-Alloy and Alloy Steel Flat Products,’ which are used in various industries such as constru..
Read morePolicy Regulation
MSMEs in 2024: Key policy announcements that shaped the sector
Companies with turnover above Rs 2.5 billion and all central public sector enterprises (CPSEs) were required to join the TReDS platform by March 2025 to enhance payment cycles.
Read moreRelated Products
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
