(MENAFN- KNN India)
India's exports likely to touch $1000 Bn by 2024-25: PHDCCI New Delhi, June 7 (KNN) India's exports are expected to touch USD 1,000 billion by 2024- 2025, according to an analysis conducted by PHD Research Bureau, PHD Chamber of Commerce and Industry (PHDCCI).
Saket Dalmia, President, PHDCCI said,“The dynamic policy environment provided by the government along with efforts of the exporters to connect with global value chains will enhance the export volumes in the coming times.”
PHDCCI in its report highlighted that amidst the slowdown in global demand and uncertainties and recessionary headwinds in some of the advanced economies, the exports may witnessed slowdown till September 2023 but they will pick up significantly from October 2023.
It added that the emerging high-growth destinations such as Togo, Netherlands, Brazil, Israel, Indonesia, Turkey, Australia, South Africa, Saudi Arabia and Belgium and high-growth export commodities such as sugar and confectionary, mineral fuel and oils, aluminium and articles, inorganic chemicals, ships, boats and floating structure, rubber and articles and optical, photographic, medical apparatus would enhance India's export growth to new highs.
The top ten highly growing export destinations have shown consistent growth during the last five years (FY 2019 to FY 2023 average) including Togo (73 per cent), the Netherlands (36 per cent), Brazil (28 per cent), Israel (27 per cent), Indonesia (24 per cent), Turkey (22 per cent), Australia (20 per cent), South Africa (19 per cent), Saudi Arabia (16 per cent) and Belgium (13 per cent).
"Exports to these countries have grown at a high growth rate amidst the global economic slowdown. These countries are emerging major growth destinations for India's exports though the volumes have to pick up in the coming times,” Dalmia said.
He added that the high growth-high volume export commodities have significant potential to enhance India's export growth to new heights.
India's exports have increased from USD 498 billion in 2020 to 2021 to USD 770 billion in 2022 to 2023.
(KNN Bureau)