India demonstrated robust trade performance during FY 2024, reflecting resilience and adaptability despite global economic challenges.
India’s total exports for FY 2024-25, comprising both merchandise and services, are US$824.9 billion, marking a growth of 6.01 percent over the previous year’s export figure of US$778.1 billion. According to the central government's data, services exports continued to drive the overall trade growth momentum, reaching US$387.5 billion in FY 2024–25, up 13.6 percent from US$341.1 billion in the previous year. Similarly, merchandise exports excluding petroleum products rose to a record US$374.1 billion, registering a 6 percent increase from US$352.9 billion in FY 2023–24—the highest ever annual non-petroleum merchandise exports.
As of June 2025, India has made several notable strides in expanding its global economic and bilateral ties. On May 6, 2025, India and the UK finalized a Free Trade Agreement (FTA) after over three years of negotiations. The multi-billion-pound agreement aims to reduce tariffs on 90 percent of traded goods between the two countries.
To make Indian exports globally more competitive, India has released a National Logistics Policy, which provides for seamless integration of multiple modes of transportation by leveraging technology, processes, and skilled manpower. The policy, which is in line with the PM GatiShakti National Master Plan, will give a massive boost to India’s US$200 billion logistics sector, thereby enabling smooth movement of goods both domestically and internationally.
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Petroleum products, electronics, drug formulations and biologicals, telecom instruments, pearl, precious, and semi-precious stones, and electric machinery and equipment driving export momentum.
India has reinstated the Remission on Duties and Taxes on Exported Products (RoDTEP) scheme benefits for exporters under Advance Authorization, export-oriented units (EOUs), and in those operating in SEZs. Starting June 1, 2025, exporters operating in India will once again be eligible for reimbursements on embedded duties, taxes, and levies that are not covered under other central government schemes. The benefits were previously available until February 5, 2025.
