India’s trade deficit narrowed to $14.05 billion in February 2025, a sharp decline from $22.9 billion in January 2025. The trade deficit narrowed to over three years low, primarily due to a drop in imports. Merchandise exports rose slightly to $36.91 billion in February from $36.43 billion in January, while imports fell to $50.96 billion from $59.42 billion during the same period, according to the data accessed by Reuters.

In the services sector, exports declined to $35.03 billion from $38.55 billion in February 2024, while services imports stood at $16.55 billion, down from $18.22 billion in January. Gold imports fell to $2.3 billion in February from $2.68 billion in the previous month, while crude oil imports dipped to $11.8 billion from $13.4 billion in January.

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India's Top 100 Billionaires

August 2025

As India continues to be the world’s fastest-growing major economy, Fortune India presents its special issue on the nation’s Top 100 Billionaires. Curated in partnership with Waterfield Advisors, this year’s list reflects a slight decline in the number of dollar billionaires—from 185 to 182—even as the entry threshold for the Top 100 rose to ₹24,283 crore, up from ₹22,739 crore last year. From stalwarts like Mukesh Ambani, Gautam Adani, and the Mistry family, who continue to lead the list, to major gainers such as Sunil Mittal and Kumar Mangalam Birla, the issue goes beyond the numbers to explore the resilience, ambition, and strategic foresight that define India’s wealth creators. Read their compelling stories in the latest issue of Fortune India. On stands now.

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In January 2025, India's merchandise trade deficit was recorded at $22.99 billion. Combining merchandise and services, the overall trade deficit came in at $2.67 billion.

Non-petroleum and non-gems & jewellery exports saw a 14.33% rise, increasing from $26.12 billion in January 2024 to $29.87 billion in January 2025. The major drivers of merchandise export growth in January 2025 included electronic goods, engineering goods, drugs & pharmaceuticals, rice, and gems & jewellery.

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Electronic goods exports surged 78.97%, rising from $2.29 billion in January 2024 to $4.11 billion in January 2025. Engineering goods exports grew by 7.44%, reaching $9.42 billion from $8.77 billion in January 2024. Drugs & pharmaceuticals exports increased 21.46%, climbing from $2.13 billion in January 2024 to $2.59 billion in January 2025. Rice exports saw a 44.61% jump, rising from $0.95 billion in January 2024 to $1.37 billion in January 2025. Gems & jewellery exports grew 15.95%, increasing from $2.59 billion in January 2024 to $3 billion in January 2025.

During April-January 2024-25, India’s total exports were estimated at $682.59 billion, registering a positive growth of 7.21%. Total imports during April-January 2024-25 were estimated at $770.06 billion, a growth of 8.96%. The overall trade balance during the period has been recorded at $87.47 billion.

The cumulative value of merchandise exports during April-January 2024-25 was $358.91 billion, as compared to $353.97 billion during April-January 2023-24, registering a positive growth of 1.39%. The non-petroleum exports in January 2025 were valued at $32.86 billion, an increase of 14.47% vs $28.71 billion in January 2024.

The cumulative non-petroleum exports in April–January 2024–25, valued at $305.84 billion, registered an increase of 7.90% compared to $283.45 billion in April–January 2023–24.