India’s exports in the first five months of the fiscal year 2024-25 remained only slightly higher than the previous year at $178.7 billion, compared with $176.7 billion during April-August 2023, according to data released on September 17. However, the composition of exports has changed, with the government offering incentives under production-linked incentive schemes. While electronic goods exports have gained traction, drugs and pharmaceuticals have been another emerging category.
Between April and August 2024, exports under the drugs and pharma category grew 8.1 percent compared with the previous year, making it India’s fourth largest export item. In 2023 (August 2023), drugs and pharma was India’s sixth-largest export item after gems and jewellery and chemicals.
This rise in electronic goods and drugs and pharma has also boosted non-gems and jewellery and non-petroleum trade. Trade in these core items was up 5.3 percent compared with a 1.1 percent increase in overall trade.