Merchandise exports have increased by 6% from $ 422 billion to $ 447 billion during the year while service exports have gone up by a phenomenal 27% from $255 billion to $ 323 billion taking the service sector's share in total exports from 37.6% in 2021-22 to 42% in 2022-23.
This looks impressive considering the dwindling trade scenario and challenging global economic conditions due to inflation, recession, high interest rates across countries and disruption of supply chain due to Russia-Ukraine conflict.
Emboldened, India has now laid out an ambitious target of $2 trillion overall exports annually by 2030 as the country makes a renewed push to become a top choice for companies shifting supply chains away from China.
The new Foreign Trade Policy (FTP) 2023 released last month has aimed to increase the country's exports to $ 2 trillion by 2030. The policy proposes to shift from an incentives-based regime to a remission and entitlement-based one to achieve this goal.
As the world recovers from the pandemic and with limited resources at India's disposal, it will be important for the country to identify its priorities for the near future to reach its target. Business sectors that are foundational in nature and can be scaled across the country and have mass impact on the ground should be prioritized in the quest to be a $5 trillion economy. Looking at India's recent growth and the changing global economic scenario it would not be an over statement to look forward to higher export growth.
Indian goods and services exports have crossed the $770 billion-mark for the first time in 2022-23. In 2021-22, the country's goods and services exports touched an all-time high of $ 422 billion and $ 254 billion respectively, taking the total shipments to $ 676 billion.
Service sector plays a major role
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