Daijiworld Media Network- New Delhi
New Delhi, May 2: In a landmark achievement for the Indian economy, the country's overall exports of goods and services soared to a record USD 824.9 billion in the financial year 2024-25, according to revised figures released by the Commerce Ministry.
The surge was primarily driven by an exceptional performance in the services sector, which registered an all-time high of USD 387.5 billion—marking a robust 13.6% rise over the USD 341.1 billion posted in 2023-24. This significant growth came despite continued global economic uncertainties and geopolitical tensions impacting trade flows.
March alone saw services exports rise sharply by 18.6%, touching USD 35.6 billion, up from USD 30 billion in the same month last year, based on data released by the Reserve Bank of India (RBI).
Key contributors to the services export boom included telecommunication, computer and IT services, transportation, travel, and financial services—sectors that have consistently shown resilience and innovation in the face of global headwinds.
“This is a historic moment. India’s exports have touched an unprecedented USD 824.9 billion, registering a healthy growth of 6.01% over last year’s USD 778.13 billion,” the Commerce Ministry said in its official statement, following the revision of earlier provisional figures.
Federation of Indian Export Organisations (FIEO) President S.C. Ralhan welcomed the achievement, noting that the figures underscore the remarkable strength and adaptability of Indian exporters.
However, Ralhan also sounded a note of caution. “Order inflows from key markets like the US and Europe are currently sluggish, primarily due to pending trade agreements. This could have a short-term impact on export volumes,” he warned.
Urging swift government action, Ralhan recommended the immediate rollout of an interest subvention scheme to ease the financial burden on exporters. “Interest rates in India remain high. To stay competitive globally, exporters need at least a 5% interest subvention,” he added.
With the services sector now emerging as a dominant force in India’s export profile, the government is expected to focus more on incentivising technology-driven and high-value service domains to further cement India’s position in the global trade landscape.