Scope to add more quality, complexity to India’s exports: FinMin review
India’s exports, given the existing capabilities, the finance ministry said in its economic review for January. It also said that despite subdued global trends dictating the course of foreign direct investment (FDI) flows to India lately, the country continues to chart its way forward and remain a preferred destination.
The FDI inflows were 2.5% of GDP in FY15-23 as against 2.2% in FY FY05-14, it said.
Highlighting that though the export mix, in terms of the principal commodity classification, has not “changed much” over the years, the ministry said: “There has been progressive diversification in India’s export basket, and there is scope for adding more quality and complexity to exports, given the existing capabilities”.
As per the review, in terms of absolute numbers, the pick-up in total exports (merchandise plus services)
has been evident since FY22, when it reached $683.7 billion, followed by $781.4 billion in FY23. On average, the share of net exports to GDP improved to (-)2.6% in FY14-24 from (-)4.1% during FY04-13.
“India’s exports have been showing remarkable performance, logging record-high levels since FY22, with merchandise exports rising by more than 50% and services exports by 120% over the past decade (FY13-23),” it said.
The highest-ever merchandise export of $451.1 billion was achieved in FY23.
