PHDCCI identifies 75 potential products, markets to take exports to $750 bn by 2027

Industry chamber PHDCCI on Sunday said it has identified as many as 75 potential products from nine sectors, including agriculture and minerals, and as many markets like the US and Europe, which can help take India's exports to USD 750 billion by 2027.

Sanjay Aggarwal, President, PHDCII, said that the US, Canada, Germany, France, UK, Japan, UAE, China, Mexico, Australia, among others would be the major focused markets in the next 75 months to achieve the goods export target of USD 750 billion by 2027.

According to the report of the chamber, the 75 potential products include fish, meat, cotton, ores, mineral fuels, chemicals, rubber, textiles, footwear, iron and steel, boilers, electrical machinery, vehicles, aircraft, furniture, mattresses, toys, and sports items.

Currently, these 75 potential products contribute around USD 127 billion, which is around 46 percent of the total exports from India, Aggarwal said.

''At the global level, these 75 products also have a significant 21 percent presence in the total global exports, whereas India's share of these 75 products currently is only 3.6 percent,'' he added.

The 75 markets include Russia, Bangladesh, Vietnam, Nepal, Brazil, Poland, Italy, and Thailand.

He added that going ahead, policy reforms such as flexible labor laws, improved ease of doing business, and reduced cost of doing business, would go a long way to enhance and increase the export growth trajectory and to achieve the USD 750 billion goods export target by 2027.