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India emerges as a global export powerhouse: Ministry of Commerce report
According to a report by the Ministry of Commerce and Industry, the country has demonstrated significant advancements in sectors such as petroleum products, agrochemicals, semiconductors, and precious stones.
Stock image. / Pexels
India is steadily solidifying its position as a key player in the global trade arena, with remarkable export growth across diverse sectors.
According to a report by the Ministry of Commerce and Industry, the country has demonstrated significant advancements in sectors such as petroleum products, agrochemicals, semiconductors, and precious stones.
Export values in these categories have crossed $1 billion in 2023, with India maintaining or improving its global rankings among top suppliers.
Infographics. / PIBKey export successes
The petroleum sector leads the charge, with export values surging from $60.84 billion in 2014 to $84.96 billion in 2023. This leap has earned India the position of the second-largest global exporter, with a 12.59 percent market share. The growth is attributed to advanced refining capabilities and adherence to international standards, making India a reliable energy supplier.
In agrochemicals, India’s exports of insecticides and fungicides reached $4.32 billion in 2023, marking a global market share of 10.85 percent. As the third-largest exporter globally, India’s investments in R&D and compliance with international agricultural norms have been instrumental.
Sugar exports have seen exponential growth, with India capturing 12.21 percent of the global market in 2023, up from 4.31 percent in 2014. Strong agricultural policies and production capabilities have propelled the country to become the second-largest sugar exporter.
The electronics sector has also advanced, with exports of electrical transformers rising to $2.85 billion in 2023, pushing India to the 10th position globally, from 17th in 2014. Similarly, India’s exports of semiconductors grew to $1.91 billion in 2023, reflecting its growing role in global supply chains.
In the precious stones segment, India has emerged as the global leader, commanding a 36.53 percent share of the market, with exports valued at $1.52 billion. This dominance highlights India’s craftsmanship and modern processing technologies.
The government has implemented robust policies to strengthen exports and foster global competitiveness. The New Foreign Trade Policy (FTP), launched in April 2023, focuses on reducing transaction costs, promoting e-commerce exports, and developing districts as export hubs. The policy also introduced a one-time Amnesty Scheme to help exporters clear old authorizations.
Key measures include:
- Interest Equalization Scheme extended until August 2024 with an allocation of USD$1.5 million (₹12,788 crores).
- Expansion of the RoDTEP Scheme to include pharmaceuticals, chemicals, and steel products.
- The Districts as Export Hubs initiative to address bottlenecks and enhance employment generation.
To attract investments, the government has rolled out reforms like GST, corporate tax cuts, and the Production-Linked Incentive (PLI) Scheme for 14 sectors with an outlay of USD$24.1 billion (₹1.97 lakh crore). The PM GatiShakti National Master Plan and the National Logistics Policy aim to improve connectivity and reduce logistics costs.
Digital initiatives such as the Trade Connect e-Platform and ICEGATE have streamlined export processes, enhancing ease of business for SMEs. The E-Commerce Export Hub initiative is poised to revolutionize cross-border trade, targeting $100 billion in exports by 2030.
Vision 2047
India’s roadmap for 2047 focuses on global competitiveness, innovation, and supply chain integration. Policy reforms have improved India's rank in the World Bank’s Ease of Doing Business Index (from 142nd in 2014 to 63rd in 2019) and the Global Innovation Index (from 81st in 2015 to 40th in 2023). Intellectual property reforms have also bolstered patent grants and design registrations.
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