India, officially the Republic of India is a country in South Asia. It is the seventh largest country and the second most populated country in the world.
According to the World GDP Ranking 2023 list,India accurire's the fifth largest economy in the world after United States of America,China,Japan and Germany.
India's economic growth is expected to remain "strong" even as prospects for other South Asian nations "are more challenging."India is projected to grow at 6.7 per cent in 2024, the fastest-growing major economy in the world.
India is one of the fastest growing country in the world and also among the top 10 Exporters in the world.
India’s overall exports cross an all time high of US$ 750 Billion in the 75th year of independence:
Sh. Piyush Goyal
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal announced that India’s overall exports, that includes services and merchandise exports, have crossed US$ 750 Billion today. This is an all time high and this achievement of 750 billion comes in the 75th year of independence as we celebrate the Azadi Ka Amrit Mahotsav.
In his address, Shri Goyal highlighted how the exports have risen from US$ 500 Billion in 2020-2021 to this figure in extremely challenging times.
The Minister stated that the domestic market has been growing steadily and over the last 9 years the focus has been on building the foundation blocks which are necessary for an economy to have many years of uninterrupted and sustainable growth. He noted that the first decade in the journey of a developing country becoming a developed country focussed on creation of strong fundamentals, economic framework and stable regulatory practices to attract domestic & international capital. The Minister stated that India is undergoing such a journey and India is lucky to bank upon its large domestic market and also access the whole wide world.
The Minister said that the Free Trade Agreements (FTA) signed by India with Australia and UAE have been welcomed by industry across the three countries and there has been positive feedback across media platforms. The speed, quality and extensive stakeholder consultations resulting in finding the right equitable balance has been appreciated by all sections, said the Minister. He also stated that a series of FTAs are under different stages of discussion to further expand the trade of India and will further open up game changing opportunities for the economy.
Moreover, increased exports mean the demand for the Indian rupee increases and the supply of other currencies also increases. This might have the effect of increasing the value of the Indian rupee.
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