Finance Minister Nirmala Sitharaman on Tuesday (June 24) laid out the government’s trade and manufacturing vision under the Viksit Bharat plan. Speaking at the Trade Conclave 2025, she said India’s export-led momentum is becoming more broad-based and resilient.India’s total exports for FY25 touched $825 billion, a new all-time high, and a 6% rise over the previous year.
The finance minister noted that this growth came amid global export expansion of just 4%, underlining India’s growing competitiveness in world markets.
Much of the recent export boost has come from sectors covered under the Production Linked Incentive (PLI) scheme.As per the data shared, PLI-backed exports have crossed ₹5.3 lakh crore ($62 billion), with major contributions from electronics, pharmaceuticals, food processing, and telecom.
The minister emphasised that India’s trade growth was not accidental or scattered. Instead, it is aligned with targeted policy moves.Recent free trade agreements (FTAs) with the UAE, Australia, the UK, and the EFTA bloc have opened new markets. Talks with the EU and US are said to be in their final stages, with negotiations described as “intense.”On the investment front, Sitharaman referred to UN trade reports that place India among the top FDI destinations. Over the last decade, India has received $668 billion in FDI, which is 67% of the total inflows over the past 24 years.India is also moving up the global value chain, she said, pointing to examples like Apple, where manufacturing is increasingly being shifted to India with value addition, not just assembly.The government has also taken steps to reduce trade frictions and simplify compliance. The number of basic customs duty rates has been cut from 22 to 8, including a zero rate. The latest Union Budget eliminated seven more tariff slabs, with the aim of making the system more transparent and efficient.To improve manufacturing-linked exports, the government has extended the end-use period for duty-free imports from five months to 12 months. Amendments to the Customs Act now impose a time limit on provisional assessments to speed up cargo clearances.ALSO READ | India’s gems and jewellery exports drop over 15% in May; diamond shipments see sharp fall
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