India's exports outpaced global growth to touch record high in FY25
India's Finance Minister Nirmala Sitharaman on Tuesday lauded the resilience of Indian exporters for successfully 'swimming against the tide' to reach a record high turnover of $825 billion in total exports despite the global slowdown.
'India's total exports reached a record high of $825 billion, achieving 6 per cent growth over the previous year and significantly, $466 billion over 2013-14.
While global exports grew by only 4 per cent. India's exporters managed to fast-track and cross 6.3 per cent,' she said, in her address at the Exim Bank Trade Conclave 2025 here.
'In the last few years, global trade and growth have suffered; global growth has not seen an uptick, according to the WTO, the IMF and the World Bank's annual estimates. It doesn't seem the world is in the mood to go along with exports-even after this, Indian exporters have shown resilience and grown despite the setbacks in global exports,' the Finance Minister pointed out.
She also praised the exporters for the tech-infused high-tech products that are being exported, which was not the case before and finding newer markets in a world where consumption is coming down in various countries such as those in Europe.
Sitharaman highlighted that despite recession-like conditions in Europe, 'our exporters have creatively rerouted and found newer markets'.
'India is not just exporting bulk commodities but well-engineered, high-standard products,' she underlined. About the ongoing talks to finalise free trade agreements, Sitharaman said, these pacts will change the dynamics of the country's exports in the future.
'Intense trade negotiations are going on with the US and the European Union and should come to a conclusion soon. Emphasis is being made on getting more free trade agreements getting signed,' she said.
She assured the exporters of the steadfast support of the Indian government.
In the context, she highlighted five key measures undertaken by the government to boost exports. These include upgradation of transport and logistics infrastructure, targeted support to MSMEs and technological assistance extended to research institutions, including IITs and IIMs.
Besides, the government launched the International Trade Finance Services platform at GIFT City and rolled out Production Linked Incentive (PLI) schemes, which have led to a jump in the production of electronic products, including smartphones.
The Finance Minister also refuted global criticism on India charging high tariffs on its imports by pointing out that as many as 7 tariff rates were removed in this year's budget.
Finance Minister Nirmala Sitharaman on Monday directed the Central Board of Direct Taxes (CBDT) to significantly reduce pendency in grievance redressal mechanisms such as CPGRAMS and e-Nivaran pertaining to the department.
She also emphasised that prompt and time-bound disposal of taxpayer grievances is essential for ensuring responsive governance.
Chairing the Conclave of Principal Chief Commissioners of Income-tax here, the minister was apprised about key performance indicators.
Out of the total 160,229 grievances (CPGRAMS and E-nivaran) for FY 2025-26, 1,31,844 grievances were resolved (up to 17.06.2025), leading to 82.28 per cent disposal.
Refunds issued for FY 2025-26 (as on June 19) saw 58.04 per cent annual growth, showing better taxpayer services
Rs23,376 crore refunds issued on account of Order Giving Effects and Rs10,496 crore refunds issued on rectification in FY2025-26.
Out of the pending 5.77 lakh appeals, over 2.25 lakh appeals are targeted for completion in FY 2025-26, addressing over Rs10 lakh crore of disputed demand, the minister was informed during the meeting.
Around 4,605 cases were withdrawn after the monetary limits were raised in 2024, and in around 3,120 cases, appeals were not filed as the monetary limits for filing appeals were increased.
Sitharaman noted that CBDT has undertaken several significant reforms in recent years, particularly in faceless assessment, e-verification system, tax exemptions & changes in slab rates, and digital service delivery. She called for further consolidation of these reforms to deliver tangible benefits to taxpayers. The Finance Minister directed all Principal Chief Commissioners of Income Tax to prioritise and accelerate the disposal of disputed tax demands that are currently pending before the faceless appellate authorities. This is aimed at reducing litigation backlog and ensuring timely resolution, thereby enhancing taxpayer trust in the system.
She instructed that all departmental appeals falling below the revised monetary thresholds as notified in recent policy changes be identified and withdrawn within a period of three months.
Reuters
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