India's Growing Export Sectors
India's export basket is diversifying beyond traditional sectors, with a focus on new products and markets.
Emerging Export Products
- Banana and Agri Products:
- Banana is identified among 20 agricultural products for boosting exports.
- Other products include watermelons, ghee, guavas, green chilli, capsicum, okra, garlic, onions, and alcoholic beverages.
- India aims to increase its global export share from 2.5% to 4-5%.
- Alcoholic Beverages:
- Growing acceptance of Indian single malt whisky in the EU, US, and the Far East.
- Alcoholic beverages exports rose 8% in the April-October period, with whisky exports up by 16%.
- Office Stationery:
- Registers and diaries are popular in Nicaragua, El Salvador, and Cyprus.
- Solar PV Modules:
- India is the sixth largest exporter of solar PV modules, with a share increase from 0.4% in 2013 to 2.51% in 2023.
- In April-October, exports worth $711.95 million, with 96% to the US.
- Spices and Chemicals:
- Growth in exports of spices like black pepper.
- Exports of dyes, organic, and inorganic chemicals are projected to remain strong.
Strategic Focus on New Markets
- Target Markets:
- France, Saudi Arabia, and Kenya for iron ore.
- Latvia, Chad, and Montenegro for drugs and pharmaceuticals.
- Greece and Croatia for engineering goods.
- Guatemala and Morocco for cotton yarn.
Key Export Drivers
- Electronics and engineering goods supported by production-linked incentive (PLI) schemes.
- Automotive sector anticipating surge in export revenues due to global demand and diversification strategies.
- Apparel exports expected to maintain growth momentum.
Future Outlook
India aims to exceed $800 billion in goods and services exports in FY25, focusing on both traditional and emerging sectors to drive growth.
