The Economic Survey 2024-2025 was presented to Parliament by Union Finance Minister Nirmala Sitharaman. India has broadened its export basket, according to the report, both in terms of its export markets and commodities. The research claims that both in terms of its export markets and goods, India has expanded its export basket. Despite international issues like inflation, the conflict between Russia and Ukraine, and the conflict between Israel and Hamas, India's exports expanded significantly into a variety of markets between April and November 2024. Some of these were new markets with no prior history of significant exports. Additionally, commodities' export share increased to more than 25% in value terms and more than 1% in volume year over year (YoY) in other markets.
India Expands It's Export Basket by Adding New Markets and Commodities
From April to November 2024, optical products were exported to 14 new markets, including Zimbabwe, Vietnam, Tanzania, Uganda, Tunisia, Romania, Qatar, Philippines, Mozambique, Kuwait, South Korea, Iraq, Ghana, and Finland, with a total export value of $16.6 million. Similarly, from April to November 2024, $23.1 million worth of crane, lift, and winch supplies were exported to 12 new markets, including Taiwan, Somalia, Portugal, Tanzania, Myanmar, Morocco, Madagascar, Lithuania, Jordan, Honduras, Cameroon, and Armenia. According to the poll, India's proactive attitude to expanding its export reach is demonstrated by its investigation of new markets. By reducing potential hazards brought on by market swings, this diversification approach makes India a more competitive participant in the global trade arena and advances the nation's economic growth.
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