India's Total Exports Surged to $825 Billion In FY25, Driven By A Strong 13%+ Growth In Services Exports:

India's Total Exports Surged to $825 Billion in FY25, Driven By A Strong 13%+ Growth in Services Exports India's merchandise and services exports also touched a record high of $825 billion during the financial year 2024-25, courtesy primarily of the robust growth in services exports at $386.5 billion, even as there were difficulties in the global trade, data from the commerce ministry showed. After including the updated March data from the Reserve Bank of India (RBI), the total export figure was revised to $824.9 billion, up from the earlier estimate of $820.93 billion announced on April 15. In comparison, exports in 2023-24 were worth $778.13 billion. The figures indicate that services exports expanded by 13.6% during 2024-25 to $387.5 billion from $341.1 billion in the last financial year. Services exports during March alone increased by 18.6% at $35.6 billion from $30 billion in March 2024. Telecommunications, computer and IT services, transport, travel, and financial services were among the major sectors contributing to this expansion. The commerce ministry noted that total exports in 2024-25 rose by 6.01% over the previous year, touching a historic high. Reacting to the data, SC Ralhan from the Federation of Indian Export Organisations (FIEO) said the numbers show the strength of Indian exporters. But he cautioned that fresh export orders from the US and Europe are now soft, particularly as US buyers hold back awaiting a trade agreement. He called for the government to launch an interest subsidy scheme for exporters, indicating that high interest rates in India are making it more difficult to compete internationally. He recommended at least a 5% interest subsidy to aid exporters.