Goods and services exports may cross $800 billion in the current financial year

New Delhi : Due to the support of Modi government and competitive products of domestic companies, the country's goods and services export has increased. It is being told that this figure may cross 800 billion dollars in the financial year 2024-25. An official associated with Industry World informed about this on Thursday.

A Sakthivel, Chairman, Apparel Made-ups and Home Furnishing Sector Skill Council, said the government has taken several steps to enhance the competitiveness of the industry, including improving ease of doing business and reducing compliance burden. Shakthivel has said that I am confident that our total exports will cross 800 billion dollars in the current financial year. He also said that the announcement of opening 12 new industrial cities in the country will further boost local manufacturing.

Sakthivel has said that the Production Linked Incentive (PLI) scheme is already a success story on the manufacturing sector front. He said that despite the challenging geopolitical situation, Indian exporters are getting good orders from developing and developed economies. He said Commerce and Industry Minister Piyush Goyal is holding regular meetings with all concerned stakeholders, including transport, to mitigate the impact of the Red Sea crisis. Exports in the last financial year were $778 billion.

During April-September in the current financial year, exports increased by 1 percent to $ 213.22 billion, while imports increased by 6.16 percent to $ 350.66 billion. The trade deficit during the first half of the financial year stood at $137.44 billion. The Cabinet has approved 12 industrial townships in states like Bihar, Andhra Pradesh and Maharashtra. Apart from this, four townships have already been developed and work on four more industrial towns is in progress.

Goods and service exports can also have a direct impact on the country's GDP. If the export of goods and services of the country is high, then the export has a positive effect on the GDP. When exports are less than imports, the net export figure is negative. This shows that trade in the country has decreased.