Trade Deals

Merchandise exports grew rapidly from 2004–14 on the back of global commodity boom and engineering/pharma diversification. They dipped in FY2015-16 due to global demand weakness and again in FY2020 (COVID). Services exports (IT, BPO, financial) add another ~$340B, taking total exports above $770B. The $1T goods export target by 2030 requires PLI-led manufacturing scale-up and logistics cost reduction.