| December 3, 2024 | IANS - New Delhi |
India has recorded a sharp increase in exports for several key product categories with the country maintaining or improving its rank among the top ten global suppliers, in export values exceeding $1 billion in 2023, according to figures released by the Commerce and Industry Ministry on Tuesday.
“From dominating the global market in precious stones to making inroads in advanced sectors like semiconductors and electrical components, India’s export performance reflects the country’s growing economic prowess,” the official statement said.
The country’s strategic focus on electronics and semiconductors has yielded impressive results.
Exports grew from $0.23 billion in 2014 to $1.91 billion in 2023, achieving a global market share of 1.40 per cent and securing the 9th position, a significant jump from 20th in 2014, the official figures show.
“This progress highlights India’s growing role in the global semiconductor supply chain, supported by efforts to enhance domestic manufacturing and innovation,” the statement observed.
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 per cent in 2014 to an astounding 36.53 per cent 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 per cent, 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 petroleum sector (Petroleum Oils and Oils Obtained from Bituminous Minerals) has seen a dramatic rise, with export values increasing from $60.84 billion in 2014 to $84.96 billion in 2023, capturing a global market share of 12.59 per cent.
This significant leap has propelled India to the position of the second-largest global exporter, driven by advanced refining infrastructure.
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,” the Commerce Ministry said.
In the agrochemical sector, India has achieved notable success, particularly in insecticides, rodenticides, and fungicides.
By 2023, exports reached $4.32 billion, marking a global market share of 10.85 per cent, up from 5.89 per cent in 2014.
Investments in research and development, coupled with compliance with international agricultural standards, have positioned India as the third-largest exporter globally.
This growth underscores India’s pivotal role in supporting sustainable agriculture.
India’s sugar exports have also witnessed exceptional growth, with the country’s share in the global market for cane or beet sugar rising from 4.31 per cent in 2014 to 12.21 per cent in 2023.
Export values reached $3.72 billion in 2023, cementing India’s position as the second-largest sugar exporter.
Strong production bases and favourable agricultural policies have enabled India to cater to growing demand, particularly in Southeast Asia and Africa, strengthening its agricultural economy.
The electronics manufacturing sector has shown significant advancements, reflected in the exports of electrical transformers and related components, which grew from $1.08 billion in 2014 to $2.85 billion in 2023.
India’s global market share increased to 2.11 per cent in 2023, and it is in 10th position, up from 17th in 2014.
India has made remarkable strides in rubber pneumatic tyre exports, which reached $2.66 billion in 2023.
Its global market share rose to 3.31 per cent, securing the 8th position, a notable leap from 14th in 2014.
This growth reflects India’s emphasis on quality, cost competitiveness, and the ability to serve diverse markets, particularly in emerging economies.
Similarly, exports of taps, valves, and similar industrial products reached $2.12 billion in 2023, capturing a 2.16 per cent global market share and earning India the 10th position globally.
Additionally, India’s exports of coal tar distillation products reached $1.71 billion in 2023, capturing a 5.48 per cent global market share and securing 4th place globally showcasing its importance in industrial value chains.
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