Despite global slowdown, India's exports to top last year’s record US$ 420 billion
- IBEF
- October 12, 2022
After reaching US$ 420 billion last year, India's exports are expected to reach a new record as a result of the One District One Product (ODOP) initiative of Prime Minister Mr. Narendra Modi, which has caused several states to quadruple their exports. Exports of finished or intermediate goods, encouragement from the Production Linked Incentives schemes, and multi-year high commodity and food prices have also contributed to this export growth, said SBI in its most recent Ecowrap report.
State-level exports indicated Gujarat topped the list in FY22 with exports of US$ 126,805 million, up 366% from US$ 27.16 million in FY19. This was followed by Maharashtra’s US$ 73,120 million exports in FY22, jumping 218% from US$ 22,986 million in FY19 and Tamil Nadu’s 192% in exports from US$ 12,033 million in FY19 to US$ 35,169 million in FY22, the report noted. Haryana's exports increased by more than 314% to US$ 15.55 billion.
Several other states tripled their export growth from FY19 levels. In comparison to FY19, Bihar experienced growth of about 400% in FY22.
India's exports are on track to surpass US$ 420 billion in the current fiscal year, with US$ 229 billion in exports so far in FY23's first half.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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