India’s notable attainments in export landscape

Dec 06, 2024

Robinson Pelham 1India’s journey toward becoming a global economic powerhouse is marked by remarkable achievements in its export landscape. The nation has demonstrated significant progress in diverse sectors, ranging from petroleum oils and agrochemicals to semiconductors and precious stones.

This growth reflects India’s ability to leverage advanced technology, innovative practices, and competitive manufacturing to meet global demands. Supported by robust government initiatives, the country is not only expanding its export base but also strengthening its position as a reliable global supplier.

India’s export performance in several key product categories at the 4-digit HS level has shown notable success, with the country maintaining or improving its rank among the top 10 global suppliers, all with export values exceeding $1 billion in 2023.

India has emerged as a dominant player in the global export market, showcasing remarkable growth across various sectors. This significant leap has propelled India to the position of the second-largest global exporter, driven by advanced refining infrastructure, increased production capacity, and adherence to international standards, solidifying its reputation as a dependable energy supplier worldwide.

India Advancing Global Trade Competitivenes FinalAdditionally, India’s exports of coal tar distillation products reached $1.71 billion in 2023, capturing a 5.48% global market share and securing 4th place globally showcasing its importance in industrial value chains. In the export of precious and semi-precious stones, India has established itself as the world leader, with its global share surging from 2.64% in 2014 to an astounding 36.53% in 2023.

Exports valued at $1.52 billion highlight India’s centuries-old craftsmanship and adoption of modern technology in gemstone processing. Exports of parts for electric motors and generators have also shown significant growth, reaching $1.15 billion in 2023, with a global share of 4.86%, elevating India to 6th place from 21 in 2014 globally. This growth aligns with the rising global demand for renewable energy and electric vehicle components, positioning India as a key supplier in this transformative industry.

The government’s forward-looking initiatives, such as the New Foreign Trade Policy, PLI Schemes, and many others, play a pivotal role in enhancing India’s competitiveness on the global stage. As India diversifies its export portfolio and strengthens its global presence, it is poised to achieve its vision of becoming a global economic power by 2047.

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