India’s exports is all set to make new records: Will it cross USD 800 Billion in 2024-25

Commerce Minister Piyush Goyal projects record-breaking exports, dismisses concerns over economic slowdown.

India’s exports are witnessing an unprecedented surge, with projections exceeding $800 billion for the 2024-25 fiscal year, marking a historic achievement. Commerce and Industry Minister Piyush Goyal reaffirmed India’s economic resilience and dismissed worries over declining forex reserves in the Rajya Sabha.

Historic Growth in Exports

India’s export sector has been experiencing sustained growth, with a remarkable rise over the past four years. “This year too, we will surpass expectations, hitting an all-time high of $800 billion in exports,” Goyal stated, positioning India as a global trade powerhouse.

Strong Forex Reserves Amidst Economic Expansion

Addressing concerns over falling forex reserves, Goyal reassured the House that reserves have remained above $600 billion for several months, signifying economic stability and a robust foreign exchange position.

Rising Imports: A Sign of Economic Strength

Contrary to popular belief, the growth in imports is a positive indicator of rising domestic demand and a flourishing market. Essential imports like petroleum, coking coal, pulses, and edible oils remain critical due to domestic shortages.

Job Creation & Industrial Investment

Goyal emphasized that higher imports often trigger industrial expansion, attracting investments and generating jobs. As consumption increases, industries will step up local production, gradually reducing reliance on imports.

Budget 2025-26: Boost to Consumption & Middle-Class Relief

The latest Union Budget has provided a significant tax relief for the middle class, increasing consumer spending and driving economic growth. This move is expected to further propel India’s manufacturing and trade sectors.