India's Growing Export Sectors

India's export basket is diversifying beyond traditional sectors, with a focus on new products and markets. 

Emerging Export Products

• Banana and Agri Products:
  • Banana is identified among 20 agricultural products for boosting exports.
  • Other products include watermelons, ghee, guavas, green chilli, capsicum, okra, garlic, onions, and alcoholic beverages.
  • India aims to increase its global export share from 2.5% to 4-5%.
• Alcoholic Beverages:
  • Growing acceptance of Indian single malt whisky in the EU, US, and the Far East.
  • Alcoholic beverages exports rose 8% in the April-October period, with whisky exports up by 16%.
• Office Stationery:
  • Registers and diaries are popular in Nicaragua, El Salvador, and Cyprus.
• Solar PV Modules:
  • India is the sixth largest exporter of solar PV modules, with a share increase from 0.4% in 2013 to 2.51% in 2023.
  • In April-October, exports worth $711.95 million, with 96% to the US.
• Spices and Chemicals:
  • Growth in exports of spices like black pepper.
  • Exports of dyes, organic, and inorganic chemicals are projected to remain strong.

Strategic Focus on New Markets

• Target Markets:
  • France, Saudi Arabia, and Kenya for iron ore.
  • Latvia, Chad, and Montenegro for drugs and pharmaceuticals.
  • Greece and Croatia for engineering goods.
  • Guatemala and Morocco for cotton yarn.

Key Export Drivers

• Electronics and engineering goods supported by production-linked incentive (PLI) schemes.
• Automotive sector anticipating surge in export revenues due to global demand and diversification strategies.
• Apparel exports expected to maintain growth momentum.

Future Outlook

India aims to exceed $800 billion in goods and services exports in FY25, focusing on both traditional and emerging sectors to drive growth.