NEW DELHI: India’s exports – comprising both merchandise and services – rose 6.01 per cent to a record $824.9 billion in the financial year 2024–25, up from $778.1 billion in the previous year, according to data released by the Reserve Bank of India.
The increase reflects a resilient performance by India’s export sector despite global economic uncertainties and geopolitical tensions. The RBI’s annual report attributed the growth to steady demand for Indian services, particularly in IT and business process management, and a modest recovery in merchandise shipments.
India’s exports in merchandise rose 3.06 per cent to $437.1 billion in 2024–25, from $424.1 billion a year earlier, while services exports grew at a faster pace of 9.13 per cent, reaching $387.8 billion compared with $354 billion in 2023–24.
The share of services in total exports continued to expand, accounting for 47 per cent of the total in FY25, compared with 45.5 per cent in the previous year – a sign of India’s growing strength in the global knowledge economy.
The report noted that the uptick in overall exports also helped narrow the current account deficit (CAD), which remained manageable due to strong remittance flows and lower imports in some key categories.
India’s export performance in 2024–25 was also supported by government initiatives such as the Production-Linked Incentive (PLI) scheme, improved logistics infrastructure, and diversification of export destinations.
The central bank highlighted that global headwinds such as high interest rates in advanced economies, sluggish demand in key markets, and disruptions in shipping routes continued to pose risks, but Indian exporters managed to hold their ground.
Going forward, export prospects will hinge on a sustained recovery in global trade, stable commodity prices, and policy support to enhance competitiveness, the RBI said.
