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Introduction:
The Prime Minister has spelt out a strategy to boost the export of goods from India while interacting with the Heads of Indian Missions abroad and stakeholders of trade and commerce virtually.
India’s Exports Strategy:
The PM pointed out four factors that are very important for accelerating outward shipments from India. These factors are:
- Increasing domestic manufacturing
- Ironing out problems of transport, logistics
- Need for the Centre and state governments to walk shoulder to shoulder with the exporters
- Expanding the international market for Indian products.
India’s Exports:
- Currently, India’s exports are about 20% of GDP.
- India’s export basket is currently dominated by products with engineering goods, petroleum products, gems and jewellery, pharmaceuticals being the top items.
- Among the exports, merchandise exports over the last nine years have been around $260-330 billion, with the highest ever being $330 billion in 2018-19.
- The Government of India has set up a target of $1 trillion in 2027-28 for merchandise exports and $400 billion worth of merchandise exports in the current fiscal.
Suggestions:
There is also a need for diversification of India’s export basket as well as identification of new products that can be exported and relevant markets for such items and prepare strategies for that.
