Indian Exports Pre and Post COVID-19 Pandemic

As it has been the case with a wide array of business segments, the outbreak of COVID-19 has adversely impacted the export industry in India.

As per the data released by the Ministry of Commerce and Industry, India’s exports witnessed a steep decline from a total of $32.72 billion in March 2019 to a meagre $21.41 billion in March 2020, which comes to a record negative growth of 34.57%.

This has been attributed to the steady waning in shipments of leather, gems, and jewellery as well as petroleum products amongst other goods and materials. Needless to mention, the situation has been more than just grim. 

Exports are considered to bring substantial benefits to any economy, especially a developing one like India.

Right from giving business owners an opportunity to expand their markets on a global level, to encouraging larger economies of scale and better margins, the advantages related to export are truly immense.

Moreover, exports help bring in greater revenues leading to an increase in aggregate demand, which eventually leads to a boost in the economic growth of the nation. Fortunately for its millions of export-based businesses, the Indian Government understands the significance of exports and has kick-started a continuity plan as a way to emerge as a manufacturing and export giant in the post-COVID-19 phase.