Export is an important segment of the Indian economy and in 2024 scenario, export industry is coming up with very good growth rate.

Exports are important because they provide currency through exports, employment opportunities and international relations. But where and how is India’s exports experiencing this growth in the current year and what are the forces at work?

Constant Growth despite Challenges across the Globe

An India export which was on the rise in 2024 has not been affected so much by these challenges such as slow growth of some economies, interferences in the flow of supplies internationally. India is forecasted to achieve a growth rate of export ranging about 7 to 8% in the year 2024.

This figure may seem rather low, but given that the global economy is rather unfriendly at the moment, this may be seen as a good result. Their customers and trading partners around the world are suffering from inflation, shifts in trade patterns and geopolitical tensions which cause challenges in trade. However, India has been able to ensure that export sector was on a rebound.

This steady growth is also a result of flexibility and diversification that has been well exercised from India. Many Indian businesses are ‘diversifying and reaching out to new consumers while some traditional sectors have reported slow growth’. For example, there is emerging demand for consumer goods from India in the southeast Asia and Africa which is important in GDP.