India – A US$ 1 trillion manufacturing export market by 2030
- IBEF
- December 1, 2022
Over the previous two years, exports have increased dramatically. With strong increase over the previous two years, India's manufacturing exports hit US$ 418 billion in FY22. Although India provides 3.1% of the world’s GDP, our export contribution to the globe is only 1.6%, and given the existing prospects, there is enormous scope, potential, and catalysts for growth. India is predicted to surpass US$ 1 trillion in manufacturing exports by 2028. Manufacturing's proportion of GDP in India is expected to rise from 15.6% now to 21% by 2031, more than doubling India's export market share. In addition, the government introduced an interest equalisation plan to make loans available to lower-cost exporters in India.
At the moment, India’s exports account for around 20% of our GDP. Given the scale of India’s economy, the potential, and the foundation of the industrial and service industries, it has the potential to develop significantly. Gatishakti and logistic parks, as well as railway modifications, may play a significant part in this.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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