India's Global Trade Influence Doubles in Two Decades

India's role in global trade has doubled in the last 20 years, with its export share growing from 1.2% to 2.4%. This expansion owes to strategic trade agreements, infrastructure improvements, and government initiatives. Despite global challenges, services exports have remained resilient, showcasing India's competitive advantage in related sectors.

India has significantly increased its stake in global trade over the past two decades, according to a fresh report from the National Stock Exchange (NSE). The data highlights that India's share in global merchandise exports has doubled from 0.9% in 2005 to 1.8% in 2023, while services exports surged to 4.3%.

Notably, the country's overall export footprint expanded from 1.2% to 2.4%, driven in part by robust trade agreements, an assortment of export offerings, enhanced logistics, and government initiatives such as Make in India and the Production-Linked Incentive scheme. India's services exports, where it ranks seventh globally, outshine its goods exports, where it stands 16th.

The report further reveals India's increased presence in global imports, with merchandise imports growing from 1.3% to 2.8%, while services imports also saw a rise. Though export growth slowed in the last decade due to global challenges, services exports maintained momentum, bolstering India's stronghold in sectors like IT and consulting services.

(With inputs from agencies.)