India’s Services Trade Dominates Global Exports in 2024-25
Introduction:
As we look towards the year 2025, one of India’s most vibrant sectors is its exports. The Reserve Bank of India has recently revealed that India’s total exports have reached an all-time high of nearly $825 billion in the financial year 2024-25, marking a remarkable surge. This growth not only highlights India’s strength but also sets a promising trajectory for future trade engagement.
Body:
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The Importance of Services Trade:
- One of India’s key contributions to global exports is its services trade, which has been the largest contributor in the past year. In March 2025 alone, Indian services exports grew by 18.6%, reaching $35.6 billion, setting a new record.
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Breakdown of Services Trade:
- Services exports are crucial as they account for over 60% of India’s total exports. In March, the sector saw an impressive surge of 13.6%, pushing services trade to its all-time high at $387.5 billion.
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Merchandise and Non-Petroleum Exports:
- The rest of India’s exports are divided between merchandise (non-petroleum) and other goods, totaling $437.4 billion in March. Merchandise exports, as a whole, increased by 6%, reaching $437.4 billion.
Conclusion:
The surge in India’s exports is a testament to its strength as a global economic player. By showcasing the significant growth in services trade and strong performance in other export categories, this figure highlights how India can leverage these trends to strengthen its economic position. As the year unfolds, we await more insights into how this trend will impact India’s future trade relations and economic development.