India Set to Achieve Historic USD 800 Billion Export Milestone in 2024-25: Piyush Goyal

India is on track to achieve a record-breaking USD 800 billion in exports during the 2024-25 fiscal year, marking a significant milestone for the country’s economy, Commerce and Industry Minister Piyush Goyal announced. This comes amid positive developments in agriculture, with expectations of higher production in key crops like onions, tomatoes, and potatoes for the crop year ending June 2025.

Addressing the Rajya Sabha on Friday, Goyal highlighted that India's exports have seen substantial growth over the past four years, with the upward trajectory set to continue. "For the first time in India’s history, our exports will cross USD 800 billion," Goyal stated during the Question Hour. He also dismissed claims suggesting a decline in exports, calling them "not entirely true" in response to a query from Congress leader Rajeev Shukla.

Rising Imports: A Positive Indicator of Economic Growth

Goyal also addressed concerns about foreign exchange reserves, emphasizing that there is no cause for worry as forex reserves have consistently remained above USD 600 billion. He acknowledged the rise in imports, noting that certain imports, including petroleum products, coking coal, pulses, and edible oils, are essential due to domestic shortages and high demand.

He explained that increased imports are a positive indicator of economic growth, driven by higher domestic consumption. “Setting up and operationalizing production units takes time. During this period, imports naturally rise,” Goyal added. He further explained that increased imports in specific sectors attract industrial investments, which in turn boost employment and overall investment.

Agricultural Growth: No Shortage of Key Crops

Meanwhile, the Agriculture Ministry has projected a rise in the production of onions, tomatoes, potatoes, and other horticultural crops for the year, with onion production expected to witness the highest growth at 19 percent.

Key projections for the 2024-25 crop year include:

• Onion production: 28.87 million tonnes (up from 24.27 million tonnes in 2023)
• Tomato production: 21.55 million tonnes
• Potato production: 59.57 million tonnes
• Total fruit production: 113.22 million tonnes
• Plantation crops: 17.94 million tonnes
• Spice production: 11.99 million tonnes
• Overall horticultural production: 362.09 million tonnes, reflecting a 2.07 per cent increase

However, the total cultivated area has slightly declined from 29.09 million hectares in 2024 to 28.84 million hectares this year.

This positive growth in exports and agriculture signals a promising economic future for India in the coming fiscal year.

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