Prime Minister Narendra Modi
On one hand, the world is living in fear of recession. Sounds of recession are being heard in the US. While India is focusing on increasing the pace of progress. With robust economic activities in the country, total merchandise exports are expected to rise 4.2 per cent year-on-year to $111.7 billion in the second quarter of the current financial year. The Export Import Bank of India (India Exim Bank) said in a report on Monday that non-oil exports are likely to grow 6.26 per cent to $89.8 billion in the July-September quarter of the financial year 2024-25.
What does the report say?
According to the report, India’s export sector performance is expected to improve in the second half of the current financial year 2024-25 on the back of improved performance of manufacturing and services sector along with strong economic activities and monetary policy easing in other countries of the world and improving demand outlook in trading partner countries is likely to rise 4.2 per cent to $111.7 billion in the quarter (July-September).
It is noteworthy that in the April-June quarter of 2024-25, merchandise exports amounted to $109.96 billion. He said, however, risks persist in developed countries due to uncertainty on the economic front, global tensions including the West Asian crisis, global supply disruptions and other reasons.
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That’s why Exim Bank is hopeful
Exim Bank said positive growth in total merchandise exports and non-oil exports has persisted for the past three quarters and is expected to continue. Exim Bank publishes a quarterly forecast of growth in total merchandise exports and non-oil exports of the country. This quarterly report is published in the first half of May, August, November and February based on the Leading Export Index model.
The ministry had presented these figures in its report.
According to the data from the Ministry of Commerce, the start of the 2024-25 fiscal year was excellent in terms of exports. The country’s total exports (goods and services) increased by 6.88 percent in April 2024. In April this year, a total of $64.56 billion was exported from the country, while in April last year this figure was only $60.40 billion. If we look at merchandise exports alone, in April this year they increased by 1.08 percent to $34.99 billion. In the same month last year it was $34.62 billion. Similarly, the export of services in April is estimated at $29.57 billion. In April 2023 it was $25.78 billion.
