India’s overall exports, that includes services and merchandise exports, have crossed an all-time high US$ 750 Billion. The figure was US$ 500 Billion in 2020-2021. There has been healthy growth in both merchandise and service sectors.
India’s performance comes in the background of worldwide recession. high rate of inflation in most of developed countries and high interest rates.
The domestic market has been growing steadily and over the last 9 years. The focus has been on building the foundation blocks which are necessary for an economy to have many years of uninterrupted and sustainable growth. Due attention has been paid on creation of strong fundamentals, economic framework and stable regulatory practices to attract domestic and international capital. Several initiatives for the development of infrastructure have been taken.
India’s strong macroeconomy, robust foreign exchange reserves, relatively low inflation and entrepreneurial spirit have helped to replace items from the import basket.
Free Trade Agreements (FTA) signed by India with Australia and UAE have been welcomed by industry of the three countries and there has been positive feedback across media platforms. A series of FTAs are under different stages of discussion to further expand the trade of India.