India’s exports rise, boosting global presence

New Delhi: India is eyeing to be a global economic powerhouse with its remarkable achievements in the export landscape. However, the government claimed that the country has witnessed significant progress in diverse sectors, ranging from petroleum oils and agrochemicals to semiconductors and precious stones. This growth reflects India’s ability to leverage advanced technology, innovative practices, and competitive manufacturing to meet global demands, the commerce ministry said on Tuesday.

Supported by robust government initiatives, the ministry also said that the country is not only expanding its export base but also strengthening its position as a reliable global supplier. “India’s export performance in several key product categories has shown notable success, with the country maintaining or improving its rank among the top 10 global suppliers, all with export values exceeding $1 billion in 2023,” the ministry said.

It further said that India has emerged as a dominant player in the global export market, showcasing remarkable growth across various sectors. “The petroleum sector 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 and increased production capacity,” it added.

In the agrochemical sector, it said, 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,” it added.

Last, but not the least, 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,” the ministry said.