India has experienced phenomenal growth in exports across various high-value product lines, placing it among the top ten suppliers in the world. In fact, as data from the Ministry of Commerce and Industry released on Tuesday revealed, the country’s export values in several sectors have now exceeded $1 billion in 2023, indicating that India is growing its economic footprint globally.
India has cemented its position in the world market as an export-oriented country for precious and semi-precious stones. The country’s global share of exports increased from a lowly 2.64% in 2014 to an astonishing 36.53% in 2023, with export values rising to $1.52 billion. This achievement stems from centuries-old Indian craftsmanship in concert with modern technological inputs for the processing of gemstones.
At the same time, India has gained major footings in high-end segments such as semiconductors and electrical components. This category’s exports increased from $0.23 billion in 2014 to $1.91 billion in 2023, with a 1.40% share in the global market. India jumped from 20th rank to 9th rank, indicating its increasing significance in the global semiconductor supply chain. “This growth reflects the increasing role of India in the global semiconductor supply chain through efforts to improve domestic manufacturing and innovation,” the Ministry said.
Renewable Energy Components
The exports of parts of electric motors and generators have been on a continuous surge and in 2023 reached $1.15 billion with a market capture share of 4.86%. India moved from rank 21 of the year 2014 to rank 6 in the year 2023, corresponding to the increasing international demand for renewable energy supply as well as electric and electric vehicle parts, making this industry one of the key manufacturers on the globe.
India’s petroleum sector has seen an incredible growth in export values, from $60.84 billion in 2014 to $84.96 billion in 2023. India now stands at the second position with a global market share of 12.59%. Advanced refining infrastructure has been the prime factor in this growth and also furthered the competitiveness of the country on the world stage.
Agrochemical And Sugar Exports On The Rise
India’s agrochemicals, especially insecticides, rodenticides, and fungicides, have also received considerable success. The country’s export values reached $4.32 billion in 2023, capturing a 10.85% market share globally, up from 5.89% back in 2014. Investing in research and development along with compliance with international standards put India at the third-highest exporting country in the world in this sector, exemplifying its importance in agriculture sustainability.
India’s sugar exports also have witnessed exceptional growth. The country’s share in the world’s cane or beet sugar market rose from 4.31% in 2014 to 12.21% in 2023, with export values worth $3.72 billion. India now stands as the second-largest sugar exporter on account of strong production bases and encouraging agricultural policies.
Notably, the electronics manufacturing sector is on the rise with improved exports of electrical transformers and parts. The exports grew from $1.08 billion in 2014 to $2.85 billion in 2023, where the market share of India improved to 2.11%. The country ranking rose from 17th position in 2014 to 10th position in 2023, which indicates improved competitiveness for electronics production.
Expanding Market for Industrial and Rubber Products
India has made impressive strides in the export of rubber pneumatic tyres, which crossed $2.66 billion in 2023. Its market share in the global market jumped to 3.31%. This catapulted India from 14th to 8th position, which indeed reflects the stress on quality, cost competitiveness and the country’s ability to cater to diverse markets, more so the emerging economies.
Exports of industrial products like taps and valves also showed an impressive growth. India attained a 2.16% share in the world market by capturing an export value of $2.12 billion in 2023 and ranked 10th globally. Similarly, the export value of coal tar distillation products was $1.71 billion, thus securing a 5.48% global market share and ranking 4th globally.
Government Efforts To Enhance Export Growth
India’s export successes can be credited to different government policies, such as the New Foreign Trade Policy, Production-Linked Incentive schemes, and investment in research and development. The policies have enhanced India’s competitiveness and diversified export portfolios.
“As India diversifies its export portfolio and strengthens its global presence, it is on track to achieve its vision of becoming a global economic power by 2047,” said the Commerce Ministry.
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