India's Export Boom: Reaching New Heights in 2024-25

India's exports hit a record USD 825 billion in 2024-25, driven by service exports despite global challenges. Services grew 13.6% from USD 341.1 billion to USD 387.5 billion. Growth sectors include telecommunications and finance. Exporters face challenges from high interest rates and US import holdbacks.

India's exports of goods and services have reached an unprecedented milestone, recording USD 825 billion in the fiscal year 2024-25. This remarkable achievement is attributed to a significant increase in service sector shipments amounting to USD 386.5 billion, despite worldwide trade challenges, according to data from the commerce ministry.

The Reserve Bank of India revealed that after March's service export figures were released, the country's total export estimate for 2024-25 was adjusted to USD 824.9 billion. This marks an increase from the earlier estimate of USD 820.93 billion and a notable rise from USD 778.13 billion recorded in 2023-24.

Federation of Indian Export Organisations' SC Ralhan hailed the data as a testament to exporters' resilience but warned about potential setbacks if US and European orders dwindle without trade agreements. Export competitiveness is also hindered by high domestic interest rates, prompting calls for a 5% interest subvention for exporters.

(With inputs from agencies.)