Page 20 - FIPI - Policy Economic Report - May 2025
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
? Services exports continued to drive the growth momentum, reaching a historic high of US$
387.5 billion in 2024–25, up 13.6% from US$ 341.1 billion in the previous year. For March 2025,
services exports stood at US$35.6 billion, reflecting a year-on-year growth of 18.6% compared to
US$30.0 billion in March 2024.
Figure 10: India’s service exports (USD Billion)
Source- Ministry of Commerce & Industry
? In 2024–25, merchandise exports excluding petroleum products rose to a record US$374.1
billion, registering a 6.0% increase from US$352.9 billion in 2023–24 — the highest ever annual
non-petroleum merchandise exports.
Figure 11: India’s non-petroleum merchandise exports (USD Billion)
Source- Ministry of Commerce & Industry Page | 19
May 2025
