Exports Set To Surpass $800-Bn Level

Looking ahead, we expect the current account deficit to ease to 1.2% of GDP in the ongoing quarter from an estimated 1.8% of GDP in Q2 FY25, and settle around 1.0% of GDP for the year as a whole -- Aditi Nayar, Chief Economist, ICRA

New Delhi: Driven by the resilient and strong momentum of exports in the current financial year (FY25), industry experts on Friday said they are highly optimistic about India’s total exports surpassing $800 billion in the coming months.

India’s exports accelerated to over $73 billion in October from more than 61 billion in the same month last year, registering above 19 per cent growth.The cumulative total exports during April-October 2024 grew at above 7 per cent, from $436.4 billion in April-October 2023 to $468.2 billion.

Despite geopolitical headwinds, India’s total exports registered double-digit growth.“This strong growth is driven by a more than 20 per cent increase in exports of non-petroleum and non-gems and jewellery exports,” said Hemant Jain, President, PHD Chamber of Commerce and Industry (PHDCCI).

India’s merchandise exports alone jumped by a robust 17.25 per cent to $39.20 billion during October, as compared to $33.43 billion during the same month last year, according to data by the Commerce and Industry Ministry.

The cumulative value of merchandise exports during April-October was $252.28 billion, as compared to $244.51 billion in the same period last year.“Given the resilient and strong momentum of exports in the current financial year, we are highly optimistic that India’s total exports will surpass $800 billion in the coming months,” said Jain.