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India's exports in the recently ended fiscal year 2023–24 reached a record $778 billion, according to sources at the Ministry of Commerce. The country exported $776.3 billion worth of products and services in 2022–2023.
Services exports increased from $325.3 billion in 2023–24 to $341.1 billion in breakup. However, merchandise exports fell modestly from $451.1 billion to $437.1 billion.
Launching a Production-Linked Incentive (PLI) scheme in several industries, including electronic goods, was one of the government's many actions to lower reliance on imports, increase exports, attract investments, and make Indian manufacturers more globally competitive. These seemed to have reaped dividends.
China, Russia, Iraq, UAE, and Singapore are among the countries where India's exports in the just-concluded financial year have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and South Africa.
Overall imports declined from $898.0 billion in 2022-23 to $853.8 billion. Both merchandise and services exports declined during the financial year.
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