“From dominating the global gemstone market to foraying into advanced sectors like semiconductors and electrical components, India’s export performance reflects the country’s growing economic potential,” the official statement said.
The country’s strategic focus on electronics and semiconductors has yielded impressive results.
Exports increased from $0.23 billion in 2014 to $1.91 billion in 2023, capturing a global market share of 1.40 percent and ranking 9th, a significant jump from 20th in 2014, according to official data. The numbers tell.
“These developments highlight India’s growing role in the global semiconductor supply chain, supported by efforts to boost domestic manufacturing and innovation,” the statement said.
In the export of precious and semi-precious stones, India has established itself as the world leader, with its global share increasing from 2.64% in 2014 to 36.53% in 2023.
Exports of $1.52 billion highlight India’s centuries-old craft and adoption of modern technology in gemstone processing.
Exports of electric motors and generators components have also grown significantly, reaching $1.15 billion in 2023, with a global share of 4.86%, moving India from 21st to 6th place globally in 2014. is given
This growth coincides with growing global demand for renewable energy and electric vehicle components, positioning India as a key supplier in this transformational industry.
The petroleum sector (petroleum oil and oils derived from bituminous minerals) has seen dramatic growth, with export values increasing from $60.84 billion in 2014 to $84.96 billion in 2023, accounting for 12.59 percent of the global market. Got the share.
This significant leap has catapulted 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 an important role in enhancing India’s competitiveness globally.
“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 are expected to reach $4.32 billion, indicating a global market share of 10.85 percent, compared to 5.89 percent in 2014.
Investments in research and development along with compliance with international agricultural standards have positioned India as the third largest exporter globally.
This development highlights India’s important role in supporting sustainable agriculture.
India’s sugar exports have also seen phenomenal growth, with the country’s share of the global cane or beet sugar market increasing from 4.31 percent in 2014 to 12.21 percent in 2023.
The export value is projected to reach $3.72 billion in 2023, strengthening India’s position as the second largest exporter of sugar.
A strong productive base and favorable agricultural policies have enabled India to meet growing demand, particularly in Southeast Asia and Africa, strengthening its agricultural economy.
The electronics manufacturing sector has shown significant growth, reflected by exports of electrical transformers and related components, which increased from $1.08 billion in 2014 to $2.85 billion in 2023.
India’s global market share is expected to increase to 2.11% in 2023, and is at the 10th position, up from 17th in 2014.
India has made significant progress in exports of rubber pneumatic tires, which is expected to reach $2.66 billion in 2023.
Its global market share increased to 3.31%, ranking 8th, a significant jump from 14th in 2014.
This growth reflects India’s emphasis on quality, cost competitiveness, and ability to serve diverse markets, particularly emerging economies.
Similarly, exports of pipes, valves and similar industrial products are expected to reach $2.12 billion in 2023, capturing a global market share of 2.16 percent and giving India the 10th position globally.
Additionally, India’s exports of coal tar distillation products are projected to reach $1.71 billion in 2023, capturing a global market share of 5.48 percent and ranking fourth globally, reflecting its importance in industrial value chains.