Indian Economy News

India manufacturing exports to hit US$ 1 trillion by FY28, says report

  • IBEF
  • July 14, 2022

According to a report by Bain and Company, India's manufacturing exports are expected to touch US$ 1 trillion by FY 2028 driven by production capacity expansion, government policy support, heightened M&A activity and investments.

According to the report titled "The Trillion-Dollar Manufacturing Exports Opportunity for India," the growth would primarily be driven by chemicals, pharmaceuticals, textile, and electronics industries, which have been scaling up and expanding into new export markets.

India’s manufacturing exports stood at US$ 418 billion in FY22, rising at a compounded annual growth rate (CAGR) of more than 15% over the last two years.

Despite possible recessionary and inflationary pressure, fundamentals for India’s manufacturing sector remain strong. The mega-trends will continue to play out during the course of this decade which will accelerate India’s manufacturing-led exports, said Mr. Deepak Jain, partner at Bain and Company and co-author of the report.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.