India's foreign trade with other countries set to surpass $1.6 trillion despite challenging international conditions – GTRI report

New Delhi: At a time when the world is in the shadow of an economic slowdown, India’s trade with other countries in the fiscal year ended March 2023 seems to have touched $1.6 trillion, according to a Global Trade Research Initiative (GTRI) report. GTRI pointed out that the total trade with other countries is 48 percent of India’s GDP. The GTRI has said that India’s growing share of global trade is a positive development with significant economic benefits for the country.

Two days ago, Commerce Minister Piyush Goyal announced that the country’s exports in the financial year 2022-23 would be more than $750 billion. According to the latest data, it has been revealed that the exports have gone up to a whopping $755 billion. India has set a target of taking its exports to $2 trillion in the next seven years, i.e. by 2030. Against this backdrop, the GTRI announced that India’s trade with other countries has reached $1.6 trillion in the fiscal year ending March 2023.

By March 2023, the Indian economy had grown to $3.4 trillion. Therefore, India’s $1.6 trillion trade with other countries comes to be 48 percent of its GDP. An increase in trade relative to GDP is considered very beneficial for a country’s economy. The GTRI report expressed satisfaction and said that it means that the country’s economy is being better integrated with world trade.

The service sector has performed well in India’s trade with other countries. Exports from India to the US, UAE, Netherlands, China, Bangladesh, Singapore, the United Kingdom and Germany have also increased, GTRI said. At the same time, attention has been focused on communication facilities in India and GTRI has also claimed that trade has become easier due to the development of ports. By saying that India’s trade with other countries is benefiting from this, GTRI noted the progress made by the country on this front. Most importantly, the success of India in increasing its trade with other countries is remarkable even when it is a challenging situation at the international level due to the Covid pandemic and the subsequent war in Ukraine.

Economists say that the increase in India’s exports is promising and indicates that the Indian economy will perform more strongly in the future. The GTRI report confirms this.

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