India’s total exports of goods and services are estimated to cross US $ 814 billion in the year 2024. This is a growth of 5.58 percent. Economic think tank Global Trade Research Initiative (GTRI) has made this estimate on Tuesday. According to PTI news, in the year 2023, the country’s export of goods and services was US $ 768.5 billion. This year, the report estimates that merchandise exports are expected to reach US$441.5 billion in 2024. This shows a marginal growth of 2.34 percent as compared to last year’s US$ 431.4 billion.
India’s export scenario
According to the news, service exports are estimated to increase by 10.31 percent to US $ 372.3 billion, which was US $ 337.5 billion in 2023. It said India’s total exports, comprising goods and services, are projected to exceed US$ 814 billion in 2024, registering a growth of 5.58 per cent as compared to US$ 768.5 billion in 2023. GTRI Founder Ajay Srivastava said India’s export landscape is undergoing a transformation that highlights both opportunities and weaknesses.
Increase in exports in these areas
Sectors such as machinery and electronics are gaining prominence, with the share of machinery in the export basket expected to increase from 3.8 per cent in 2014 to 6.9 per cent in 2024 and electronics to increase from 3.3 per cent in 2014 to 7.9 per cent in 2024. Srivastava said these trends underline India’s growing capabilities in high-value sectors, a necessary shift for long-term export resilience. However, traditional areas of export are witnessing a decline.
Now only clothes and clothes are left
Textiles and apparel, which contributed 21.1 percent of exports in 2004, now represent just 8 percent, while gems and jewelery are expected to decline from 16.9 percent in 2004 to 7.5 percent in 2024. These declines not only reflect changing global demand, but also India’s struggle to remain competitive in labour-intensive industries. Srivastava warned that the coming year poses significant challenges for Indian exports, with global trade growth remaining sluggish, hampered by slow economic recovery in developed markets and geopolitical tensions such as the Russia-Ukraine war and the Israel-Hamas conflict. Is.
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