India's Export Surge: From Gems to Semiconductors

India has seen significant growth in its export competitiveness over the past five years across various sectors, including petroleum, gemstones, agrochemicals, and sugar. Increased market shares position India as a leading global exporter in these segments, driven by policy and innovation.

India's export competitiveness is experiencing a strong upward trajectory in diverse sectors such as petroleum, gemstones, agrochemicals, and sugar over the past five years. These sectors have notably increased their share in global trade, as revealed by recent commerce ministry data.

Petroleum exports exemplify this growth, rising to USD 84.96 billion in 2023, doubling India's market share to 12.59% from 6.45% in 2018, making it the world's second-largest exporter. Similarly, the gem and jewelry sector has positioned India at the forefront, with market share skyrocketing from 16.27% to 36.53%, as exports hit USD 1.52 billion.

Notably, the agrochemical export sector, particularly sugar, has more than quadrupled, reflecting a burgeoning global presence. The ministry reports that India's strategic emphasis on aligning agricultural and environmental standards with global expectations has been crucial to these substantial market advancements.

(With inputs from agencies.)