Indian exports just crossed the target of $400 billion in FY22. Now the government is all set to achieve the target of $500 billion in FY23. However, to help in boosting exports in India, the report by industry body PHDCCI, indentifying 75 potential export products, submitted to the Ministry of Commerce and Industry is under consideration by the ministry.
"The study has identified 75 potential export products as well as major trading partners to enhance India's exports growth trajectory. The USA, Canada, Germany, France, UK, Japan, UAE, China, Mexico, Australia, among others will be the major focused markets in the next 75 months to achieve the merchandise export target of $750 billion by 2027," a source told Business Today.
The study identified 75 potential products (HS 6 Digit) from nine most promising sectors and 32 Chapters (HS 2 digit). The sectors include agriculture, mineral and fuels, chemical and allied products, textile and footwear, metal and non-metals, machinery and mechanical appliances, transport/automobiles, optical photographic and cinematographic and; toys, games and sports.
According to the report Business Today accessed, these 75 products comprise $127.8 billion of India's total exports to the world whereas, and total world import of these products comprises $3.5 trillion in 2020. The 75 products have a significant contribution of 4.4 per cent in the total world imports; however, India exports only 3.6 per cent of these products.
"One-size-fit-all policy will not work for all states owing to their different inherent strengths and competitive advantages. Improving the competitiveness of exports cannot be wholly driven from the top level. It will also helpful to identify and encourage indigenous and specialised products from the states and improve the market accessibility of the chosen products," a source on the condition of anonymity told Business Today.
Also read: Export target of $500 bn for FY23 doable, says industry body PHDCCI's president
Also read: Maruti Suzuki records highest exports ever in FY22; Baleno, Dzire top sellers