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."
Bu hikaye The Business Guardian dergisinin April 01, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Business Guardian dergisinin April 01, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
HC rejects Swati Maliwal's plea for framing charges against her in corruption case
NEW DELHI In the Delhi Commission for Women (DCW) recruitment case, the Delhi High Court has rejected the plea of Rajya Sabha MP and former DCW chairperson, Swati Maliwal, against the framing of charges against her in December 2022.
Former BharatPe officer sent to five-day police custody forgery case
TDG NETWORK NEW DELHI Delhi's Saket Court on Friday remanded Deepak Gupta, a former head of administration and procurement of BharatPe, to five days of police custody.
BIKER DIED AFTER COLLISION WITH CAR IN GURUGRAM
A biker died on the spot after a collision with a car driving from the wrong side in the Gurugram district of Haryana.
We are planning to bring a new law for doctors' safety: MP Manoj Tiwari
During the inauguration event of the dedicated Aorta Centre for the diagnosis and treatment of aortic diseases at Fortis Escorts Heart Institute Okhla, BJP MP Manoj Tiwari, Chief Guest of the event announced that the government is planning to bring a law for doctors' safety.
If Kejriwal is not elected. CM, Delhi will see power hike like UP: Atishi
AAP leader and Delhi Chief Minister designate Atishi on Friday said that if people in the national capital do not make Arvind Kejriwal Chief Minister, they will see expensive electricity, and long power cuts as in Uttar Pradesh under the BJP government.
Police imposes MCOCA on Hashim Baba
The Delhi Police has imposed the Maharashtra Control of Organised Crime Act (MCOCA) on jailed notorious gangster Hashim Baba and eight other members of his gang for their continuous involvement in criminal activity, officials confirmed on Friday.
Kejriwal to address Janta Ki Adalať at Jantar Mantar on Sept 22
The Aam Aadmi Party (AAP) is gearing up for a fierce battle in the upcoming Delhi Assembly elections, with a focus on strengthening its booth-level organisation.
Supreme Court: Section 195 CrPC Bar Not Applicable When Forgery Was Committed On Document Before It Was Given As Evidence In Court
The Supreme Court in the case Arockiasamy v.
Telangana High Court: Driving Vehicle Number Plate Not 'Cheating' Under Section 420 IPC
The Telangana High Court in the case observed and has quashed a cheating case which is being registered against a two-wheeler driver.
Supreme Court Issued Notice To Union & States On Plea Seeking Virtual Hearings Before Land Acquisition And Rehabilitation Authorities
The Supreme Court in the case Kishan Chand Jain Versus Union Of India And Ors observed and has issued notice to the Union and all State Governments in a Public Interest Litigation, PIL filed seeking virtual hearings for land acquisition compensation claims by Land Acquisition and Rehabilitation Authorities, LARRAS.