India's merchandise exports likely to touch $500 billion by March 2024: FIEO

New Delhi, May 4 (KNN) India’s merchandise exports are expected to touch USD 500 billion, while services exports could expand to USD 400 billion in the year ending March 2024, said Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO) on Wednesday.

“The primary reason for the expected export growth is the strong overseas demand in many markets,” sahai said.

The exporters association highlighted that despite global headwinds, the exports of goods and services might reach USD 900 billion in the current financial year, up from USD 770 billion in the previous year.

While addressing FIEO’s Niryat Shree and Niryat Bandhu Awards, union minister for commerce and industry Piyush Goyal urged exporters to explore new markets, however, in view of the possible impact of war in Ukraine and a global slowdown.

“The times ahead are going to be very, very tough. The situation is only deteriorating from what we saw as happened today in the Ukraine-Russia war, it’s going to be very, very challenging in the months and years ahead of us. But tough times is the time when people with mettle show their capabilities,” he added.

The Indian government has set an export target of USD 2 trillion by 2030, offering benefits to boost exports of electronics, engineering, pharmaceutical, and other goods.  (KNN Bureau)