India has identified electronics, engineering goods, textiles, marine & agriculture, toys and pharmaceuticals as the six sectors that could help the country achieve almost 70% of its $1-trillion goods export target by FY30.
As per a study by the commerce and industry ministry, these sectors could clock around $670 billion of exports by 2029-30. India’s goods exports in FY23 were $451.07 billion. “While toys may not be as large an export sector like engineering or electronics, they have seen remarkable growth,” said a government official.
Led by drones, solar modules, turbo jets, auto and auto-components, electric vehicles and parts, engineering goods exports are expected to grow to $300 billion by FY30 from $107 billion in FY23, while pharma exports, focused on biosimilars and innovation drugs, could rise to $57 billion from $25 billion in the same period.
The outbound shipments of electronics are expected to touch $100 billion by FY30, propelled by mobile phones, laptops, wearable electronics and electronic accessories. Led by readymade garments, technical and man-made fibre textiles, the total textile exports are expected to reach $97.7 billion in the next six years, whereas marine and agriculture product exports are estimated at $118 billion by FY30. Officials said untapped areas in Odisha, West Bengal, Gujarat and Tamil Nadu are being looked at for area expansion under aquaculture. Moreover, value added items such as canned and dried products have been identified for export promotion. “A special focus is being given on value added products and the food processing sector,” the official said. To boost toy exports, toy clusters such as Channapatna in Karnataka, Varanasi in Uttar Pradesh, Kondapalli in Andhra Pradesh and Jaipur in Rajasthan have begun tapping into international markets.
Separately, the commerce department also expects India’s ecommerce exports to touch $200 billion by FY30, driven by Ayurvedic and organic products, spices and food products, textiles, leather goods, handicrafts, personal care products, art and paintings, jewellery, auto parts and electronic appliances.
By Kirtika Suneja
https://economictimes.indiatimes.com/epaper/delhicapital/2024/jan/29/et-efm/indias-electronics-sector-driving-1-trillion-exports-target-by-fy30/articleshow/107210889.cms
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