New Delhi, Jan 1
India's total exports of goods and services in 2024 are projected to exceed Rs 69,58,886 crore ($814 billion), which represents a 5.58 per cent increase compared to the corresponding figure of Rs 65,69,907 crore ($768.5 billion) in 2023, according to figures compiled by Global Trade Research Initiative (GTRI).
This growth is driven by a robust 10.31 per cent rise in services exports to Rs 31,82,793 crore ($372.3 billion), while merchandise exports are expected to grow at a more modest pace of 2.34 per cent to Rs 37,74,384 crore ($441.5 billion) amid global geopolitical uncertainties such as the Israel-Hamas conflict and the Ukraine-Russia war.
The report highlights India's evolving export landscape, with high-value sectors like electronics and machinery gaining a bigger share in the export basket since 2014 while traditional sectors such as garments and textiles are witnessing a decline.
"These trends underscore India's growing capabilities in higher-value sectors, a necessary shift for long-term export resilience," said GTRI founder Ajay Srivastava.