India’s exports have grown in recent years due to several reasons, some of which are:
- Diversification of export basket: India has diversified its export basket, which has helped it to reduce its dependence on traditional exports such as textiles and clothing. The country has expanded its exports in sectors such as pharmaceuticals, engineering goods, chemicals, and IT services, among others.
- Government initiatives: The Indian government has launched several initiatives such as Make in India, Digital India, and Skill India, to promote manufacturing, technology, and skill development. These initiatives have helped to increase production and improve the quality of goods and services, making them more competitive in the global market.
- Global demand: The global demand for Indian goods and services has been increasing due to factors such as the rise of the middle class in emerging markets, the shift towards outsourcing, and the growth of e-commerce.
- Currency depreciation: The depreciation of the Indian rupee has made Indian exports more affordable and competitive in the global market.
- Ease of doing business: The Indian government has implemented several reforms to improve the ease of doing business, including simplifying regulations and procedures, reducing the time and cost of starting a business, and improving infrastructure.
Overall, these factors have contributed to the growth of India’s exports in recent years.