Electronic Goods Drive India's Exports Growth After PLI Schemes, Report Over 25 Per Cent YoY Increase In April

India's merchandise exports grew by 1.08 per cent year-on-year in the month of April. This growth was led by electronic goods and tea, which reported a growth of over 25 per cent.

In April 2023, India exported merchandise worth $ 34.62 billion, which increased to $ 34.99 billion in April 2024. Electronic goods export increased by 25.8 per cent and tea by 25.74 per cent.

This comes a year after Prime Minister Narendra Modi-led Union Cabinet approved a production-linked incentive (PLI) scheme 2.0 for IT hardware.

The scheme extends to laptops, tablets, all-in-one PCs and Servers and Ultra Small Form Factor (USFF). Earlier, a PLI scheme for eight sectors including electronics and IT hardware was launched.

13 of the 30 key sectors exhibited positive growth in April 2024 as compared to the same period last year (April 2023). India exported 16.75 per cent more organic and inorganic chemicals.

Coffee, tobacco and spices also reported a double-digit growth in exports. Services exports are projected to grow by 14.68 percent during April 2024 over April 2023.

India’s total exports grew by 6.88 per cent in April 2024 over April 2023. However, a growth of 12.78 per cent in imports was observed during the same period.