India’s goods and services exports are expected to exceed $800 billion in FY25, marking a 3% increase from the previous fiscal year, according to Commerce and Industry Minister Piyush Goyal on Saturday.
Despite ongoing geopolitical challenges, including two major conflicts and the Red Sea crisis, as well as elections in approximately 60% of the world’s democracies this year and the next, the outlook remains positive.
“We are confident we will surpass $800 billion in exports this year, with growth in both goods and services – we will set a new record,” Goyal stated at an event hosted by the Gems and Jewellery Export Promotion Council. In FY24, India’s goods and services exports reached a record high of $778.2 billion, with outbound shipments in the previous month rising 9.09% compared to the previous year. “It is a positive sign if India’s exports have increased in May,” he noted.
The ministry is focusing on setting specific export targets for various sectors, working with promotion councils and embassies abroad.