Future Outlook for Indian Exports!

[{"selector":"#anim-43f0026e-d4df-467f-b74f-efea14ee9f36 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(13.5036496350365%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b5474e06-4b5d-493c-9006-2b3ccb29d0e0","keyframes":{"opacity":[0,1]},"delay":300,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The global economy is facing headwinds with recessionary trends, but there is a silver lining for Indian exports. According to Santosh Kumar Sarangi, Director General of Foreign Trade (DGFT), Indian merchandise exports are likely to maintain "similar or higher levels" in FY 2024.

The Role of FTAs

[{"selector":"#anim-5ae5c129-d011-463e-92e8-f355e7404d8e","keyframes":{"opacity":[0,1]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The DGFT believes that the recently signed Free Trade Agreements (FTAs) with the UAE and Australia are expected to provide a much-needed boost to Indian exports in the next fiscal.

The Global Scenario

[{"selector":"#anim-fe7de0a7-b9ee-4849-a0ea-73012a0fb18f","keyframes":{"opacity":[0,1]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] The global economy is currently facing multiple challenges, including trade wars, political instability, and the ongoing effects of the COVID-19 pandemic. These factors may cause a moderate slump in Indian exports.

While some sectors like IT and pharmaceuticals are expected to perform well, others like textiles and automotive may face challenges due to global headwinds.

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To minimize the impact of global headwinds, it is crucial for India to diversify its export markets and products.

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The Indian government has been proactive in supporting export growth by implementing various initiatives such as the Production Linked Incentive (PLI) scheme.

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The Road Ahead

[{"selector":"#anim-38c40eb2-0182-4648-a59f-dfbdae3faebc","keyframes":{"opacity":[0,1]},"delay":250,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] While global headwinds might cause a moderate slump in Indian exports, the FTAs signed with UAE and Australia, government initiatives, and a focus on diversification provide a positive outlook for the future.

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