India is gaining momentum rapidly on the track of progress. The testimony of this comes out in the reports of IMF and World Bank along with the increasing penetration of India in the world. RBI has also made it clear in its report that the coming year will be a growth victory for India. Now the confidence of businessmen also seems to be increasing.
The Confederation of Indian Industry (CII) business confidence index reached a two-quarter high of 68.2 during the July-September quarter of the current financial year. CII, in its first survey after the Lok Sabha elections, said that the industry is encouraged by continuity on the policy front.
The 128th round of the CII Business Outlook Survey was conducted in September 2024, covering over 200 firms of varying sizes across all industry sectors. The industry regulator said that the economic pace has increased after the general elections. CII said that despite global challenges, India's economic growth has been good, and there are good signs of growth for the upcoming festive season.
The report cautioned that there remains uncertainty in the global scenario, due to which there is a need to carefully monitor the emerging economic conditions. Those surveyed highlighted some minor business concerns, including long-running geopolitical tensions, rising global commodity prices and declining external demand. However, meanwhile, Indian traders are also exporting rapidly.
If we look at the data of the Commerce Ministry, the beginning of the financial year 2024-25 was excellent in terms of exports. The country's total exports (goods and services) had increased by 6.88 percent in April 2024. In April this year, a total of 64.56 billion dollars were exported from the country, whereas in April last year this figure was only 60.40 billion dollars. If we look at the export of goods only, it has increased by 1.08 percent to 34.99 billion dollars in April this year. In the same month last year it was 34.62 billion dollars. Similarly, the export of services in April is estimated to be $29.57 billion. In April 2023 it was $25.78 billion.
