India's gross domestic product (GDP) at current prices in the first quarter (Q1) of 2023-24 is estimated to be Rs. 70.67 trillion (~US$ 850 billion), as against Rs. 65.42 trillion (~US$ 829 billion) in Q1 of 2022-23, showing a growth rate of 8.0%.
India’s overall exports during April-September 2023 were estimated at US$ 376.29 billion. India's overall exports in FY23 (April-March 2023) increased by 13.84% to US$ 770 billion.
India’s overall exports in September 2023 were estimated to be US$ 63.84 billion and the overall imports in September 2023 were estimated to be US$ 68.75 billion. India’s merchandise exports exhibited a positive (y-o-y) growth in 20 out of 30 sectors in September 2023 as compared to the same period last year and imports exhibited a negative growth in 17 out of 30 sectors (y-o-y) in the same period. Among the commodity groups, exports of iron ore (8,054.78%), oil meals (72.66%), ceramic products & glassware (50.49%), cotton yarn/fabs./made-ups, handloom products etc. (27.39%), meat, dairy, & poultry products (19.4%), cereal preparations & miscellaneous processed items (17.65%), tobacco (9.18%), drugs & pharmaceuticals (9.01%), oil seeds (8.77%), carpet (7.51%), engineering goods (6.79%), and marine products (4.66%) registered positive growth (y-o-y) in September 2023.
As of September 29, 2023, foreign exchange reserves in India stood at US$ 586.90 billion.
Recent developments in the external sector are as follows:
Recent developments in foreign trade policy are as follows:
India is presently known as one of the most important players in the global economic landscape. Its trade policies, Government reforms, and inherent economic strengths have contributed to its standing as one of the most sought-after destinations for foreign investments in the world. Also, technological, and infrastructural development being carried out across the country augurs well for the trade and economic sector in the years to come. The Government of India has been working on striking important deals with the European Unions and Governments of various countries to increase contribution towards the economic development of the country and growth in the global market. Significant changes to foreign trade policy such as enabling payment and settlement in the Indian Rupee and opening of special rupee Vostro accounts supported by Indian banks will bring ease to international trade transactions. With more than 35 countries expressing interest in this mechanism, the long-term aim is to internationalize the rupee and reduce the depreciation of the domestic currency against the dollar.