India Eyes Export Growth in 2024 Despite Early Declines

Export growth in FY2024 expected to be positive overall despite 3.56% decline in merchandise exports from Apr 2023 to Feb 2024 compared to previous year
Smartphone exports projected to jump 30% and surpass $15 billion in FY2024 thanks to PLI and Make in India schemes
Labor-intensive sectors like textiles, apparel, and leather need revival to regain global market share
Significant export potential exists in regions like Africa, Latin America and Central Asia - India's merchandise exports to these regions totalled over $70 billion in FY2023
Successful FTAs with developed nations would signal India's commitment to trade liberalization amid global protectionism