India’s Exports Hit Record $824.9 Billion in FY 2024–25: RBI Data

In a major milestone for India’s trade sector, the country’s total exports for the financial year 2024–25 reached an all-time high of US$824.9 billion, according to the Reserve Bank of India’s latest report on services trade. This marks a robust growth of 6.01% over the previous year’s figure of US$778.1 billion. The surge was significantly powered by services exports, which witnessed double-digit growth, reflecting India’s rising competence in sectors like IT, consulting, finance, and digital services.

Why in News?

India’s total exports for FY 2024–25 have reached a record high, as per RBI data released on May 2, 2025, making it a landmark year for the Indian economy. This development is crucial as India aims to position itself as a global trade powerhouse, especially through non-oil merchandise and services sectors in alignment with policy initiatives like Atmanirbhar Bharat and Foreign Trade Policy 2023.

Export Performance in FY 2024–25

• Total Exports: $824.9 billion (up 6.01% from $778.1 billion in FY 2023–24)
• Services Exports: $387.5 billion (up 13.6% from $341.1 billion)
• Merchandise Exports (excluding petroleum): $374.1 billion (up 6.0% from $352.9 billion)

March 2025 Snapshot

• Services Exports in March 2025: $35.6 billion
• Growth over March 2024: 18.6%
• March 2024 Services Exports: $30.0 billion

Objectives and Significance

• Enhance foreign exchange reserves through diversified trade.
• Reduce dependence on petroleum-based exports.
• Promote services sector including IT, finance, R&D, and digital services.
• Support Make in India, Digital India, and Startup India missions.
• Increase India’s resilience in global trade dynamics.

Background and Policy Context

• The Foreign Trade Policy 2023 targets $2 trillion in exports by 2030, focusing on innovation, digitization, and new trade markets.
• Continued government support via PLI schemes, trade infrastructure upgrades, and Ease of Doing Business.
• Export growth despite global uncertainties such as geopolitical tensions and inflation.