Question
Which sector contributed the most to India's merchandise
exports in 2023-24?Solution
India's Export Surge in 2023-24 India has experienced a historic increase in its exports, achieving a remarkable figure of USD 778.21 billion in 2023-24. This signifies a 67% growth from USD 466.22 billion in 2013-14, underscoring the country's strengthened role in global trade. Highlights of India's Export Growth • Total Exports: Reached USD 778.21 billion in 2023-24, with merchandise exports at USD 437.10 billion and services exports at USD 341.11 billion. • Key Sectors: Major contributions from electronics, pharmaceuticals, engineering goods, iron ore, and textiles. • Geographic Expansion: Growth in exports to regions including North America, the European Union, North-East Asia, the Gulf Cooperation Council, and ASEAN. Sector-Specific Growth • Electronics: Mobile phone exports surged to USD 15.6 billion in 2023-24 from USD 0.2 billion in 2014-15. • Pharmaceuticals: Exports grew to USD 27.85 billion in 2023-24, making India the third-largest global producer by volume. • Engineering Goods: Exports increased to USD 109.32 billion in 2023-24. • Agriculture: Exports rose to USD 48.15 billion in 2023-24.
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