31 March 2024 — India’s export sector is witnessing notable growth, driven by initiatives like PLI and Make in India. However, challenges persist, requiring strategic interventions.
Key Points:
- Promising Growth in Electronics: The export sector, particularly electronics, is showing promising growth, with smartphone exports expected to exceed USD 15 billion in FY2024.
- Revitalizing Traditional Sectors: There is a pressing need to revive traditional sectors like textiles, apparel, and leather to enhance global competitiveness.
- Insights from Ajay Srivastava: Ajay Srivastava from GTRI highlights the trends and challenges in India’s export scenario.
- Export Performance and Challenges: While India’s export performance is at an all-time high, there are concerns about declining merchandise exports and the impact of global disruptions like the Red Sea crisis.
- FTAs and Market Access: India’s pursuit of FTAs with developed countries offers opportunities for market access and trade growth, signaling commitment to trade liberalization.
- Red Sea Crisis Impact: The Red Sea crisis poses challenges such as increased shipping costs, delays, and potential cargo losses, impacting various industries.
Conclusion: India’s export journey reflects a mix of growth opportunities and challenges. Strategic measures, including revitalizing traditional sectors, leveraging FTAs, and addressing crisis impacts, will be crucial for sustained export growth and global competitiveness.
