Good, services exports expected to surpass $800 bn in FY25, says Goyal

'Hope to make progress in India-UK FTA irrespective of elections'

Exports of goods and services from India are expected to cross $800 billion by the end of the current financial year despite external headwinds, commerce and industry minister Piyush Goyal said on Saturday.

India’s overall exports — goods and services — saw only 0.04 per cent growth at $776.68 billion in FY24. This means that $800 billion in exports would translate into 3 per cent growth.

“We will see positive growth in goods and services exports,” Goyal said at an event organised by the Gems and Jewellery Export Promotion Council (GJEPC).

Goyal exuded confidence in export growth despite continued challenges in the external market as well as geopolitical tensions.

The ongoing and upcoming elections across large democracies around the world would also have an impact on global trade.

Colin Shah, former chairman of GJEPC, said that the gems and jewellery industry may take more time to revive export growth due to the continued geopolitical challenges. It is also because of some impact of the upcoming elections in India’s biggest export market — the United States.

Export of gems and jewellery may see flat growth in the current financial year — in the range of $31-32 billion.

Goyal further said that the commerce department is actively engaging with the G7 nations to minimise impact of their decision to impose direct import restrictions on Russian-origin diamonds.

Free trade agreements

The minister further said that India hopes to make progress with respect to the free-trade agreement (FTA) with the United Kingdom (UK).

“Even with the UK, irrespective of the election result, we hope to make progress after the new government comes in. If the current government comes in, they are already deeply committed to the FTA,” he said.

“We have already had discussions with the shadow trade and foreign minister of the Labour Party a few months ago when they visited Delhi. They have committed to us that they are equally interested in pursuing the FTA expeditiously,” he added.

The UK has advanced its election to July 4, well ahead of its earlier deadline. India is expecting to sign the trade deal in July.