Summary:

India's progress toward becoming a global economic powerhouse is fueled by strong export growth in sectors such as petroleum products, agrochemicals, electronics, and precious stones. In FY23, India became the second-largest exporter of petroleum oils, with exports totaling US$ 84.96 billion, and ranked third in agrochemicals. Sugar exports also increased, making India the world's secondlargest exporter. Initiatives like Make in India and PLI programs contributed to this growth.

The government has introduced initiatives such as the 2023 Foreign Trade Policy to boost exports, reduce transaction costs, and support emerging sectors like e-commerce. Programs like RoDTEP, TIES, and PLI across 14 industries enhance competitiveness and manufacturing growth. Simplified systems like NSWS and compliance reforms have made doing business easier. Digital initiatives support MSMEs and small enterprises, enabling India to achieve its global economic leadership goal by FY47.

Source: IBEF

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