India's Export Growth Defies Global Challenges

India's exports saw significant growth in May and remained positive in June and the first quarter of the current fiscal year, according to Commerce and Industry Minister Piyush Goyal. Despite global challenges, the nation's services sector aided this growth. Foreign direct investments (FDI) showed a mixed trend.

India's exports exhibited robust growth in May and continued their positive trajectory into June and the first quarter of the current fiscal year, according to Commerce and Industry Minister Piyush Goyal.

Goyal attributed this growth to the resilience of the services sector, which has been bolstered by the government's Digital India mission and the rollout of 4G and 5G technologies. 'Despite global challenges, our exports remain in the positive zone,' Goyal stated.

However, foreign direct investments (FDI) presented a mixed picture. While FDI equity inflows declined by 3.49% to USD 44.42 billion in 2023-24, the January-March quarter saw a 33.4% increase. High interest rates in developed countries continue to influence these investment patterns.

(With inputs from agencies.)