Taking India To The World

Exports are already at a record high, and new trade agreements could give it a further boost. But a slowing global economy is cause for worry

- M.G. Arun

Piyush Goyal, Minister of Commerce

THE HEADWINDS THAT INDIA'S TRADE and commerce faced over the past four years were unprecedented. While the pandemic gave a big jolt to trade, the Russian invasion of Ukraine in February 2022 once again created uncertainties around geopolitical stability, a prerequisite for robust trade. However, a host of policies by the Centre-including many that have simplified exim processes-not only helped India keep its head above water but also brought about a phenomenal growth in overall exports.

India's overall exports grew 14 per cent and stood at a record $770 billion-plus (Rs 64 lakh crore) in 2022-23, aided by robust services exports. Meanwhile, merchandise exports grew 6 per cent to $447 billion (Rs 37 lakh crore), which is a new high but lower than what was expected at the start of the last financial year. There was also a 50 per cent rise in exports of electronic goods in 2022-23. India is also emerging as a key supplier of medicines, cars and machine parts, textiles and clothing and food products to Russia. The country is also India's largest supplier of crude oil, ahead of West Asian countries, accounting for 27 per cent of India's crude imports in February 2023, up from just 6 per cent in April 2022. India-Russia trade is estimated to have hit a record $39.8 billion (Rs 3.3 lakh crore) in 2022-23.