The implementation of initiatives such as Production-Linked Incentives (PLI) and the Make in India campaign has fueled remarkable growth, particularly in electronics.
Noteworthy is the surge in smartphone exports, projected to escalate by 30 per cent over the previous year, potentially crossing the USD 15 billion mark in FY2024.
These triumphs lies a pressing need to rejuvenate traditional labour-intensive exports such as textiles, apparel, and leather.
In an exclusive interview with ANI, Ajay Srivastava, Founder of the Global Trade Research Initiative (GTRI), shed light on India's export scenario, offering insights into current trends and future prospects.
However, he highlighted a concerning trend of decline in merchandise exports by 3.56 per cent from April 2023 to February 2024, compared to the same period in the previous fiscal year.
Srivastava said, "Overall export growth for the FY2024 will be positive considering both merchandise and services exports. A USD 4.4 billion jump in merchandise exports in Feb 2024 over Feb 2023 is bonus considering continued Red sea disruptions."
This suggests that FY2024 may witness no positive growth in merchandise exports over FY2023. Nevertheless, sectors like electronics are showing promise, fuelled by initiatives such as Production-Linked Incentives (PLI) and the Make in India campaign. Smartphone exports, for instance, are expected to surge by 30 per cent and surpass USD 15 billion in FY2024.
Srivastava stated, "However, India's merchandise exports declined by 3.56 per cent from USD 409.1 in AprFeb 2023 to USD 394.99 in Apr-Feb 2024. This indicates that India merchandise exports during FY2024 will register no positive growth over FY2023." He added, "The good news is exports in sectors like electronics where India was traditionally weak are picking up due to PLI and other Make in India interventions."
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