Electronics and engineering goods’ exports among six focus sectors for targeting $1 trillion

NEW DELHI : India has identified electronics, engineering goods, textiles, marine & agriculture, toys and pharmaceuticals as the six sectors that could help the country achieve almost 70% of its $1-trillion goods export target by FY30.

As per a study by the commerce and industry ministry, these sectors could clock around $670 billion of exports by 2029-30. India’s goods exports in FY23 were $451.07 billion. “While toys may not be as large an export sector like engineering or electronics, they have seen remarkable growth,”

A study by the commerce and industry ministry projects these sectors to contribute around USD 670 billion in exports by 2029-30, surpassing the FY23 goods export figure of USD 451.07 billion.

Despite toys being a smaller sector compared to engineering or electronics, notable growth has been observed, according to a government official.

Engineering goods, driven by drones, solar modules, turbo jets, auto components, electric vehicles, and parts, are expected to witness growth to USD 300 billion by FY30 from USD 107 billion in FY23.

Pharma exports, focusing on biosimilars and innovation drugs, are anticipated to rise from USD 25 billion to USD 57 billion in the same period.

Outbound shipments of electronics are projected to reach USD 100 billion by FY30, propelled by mobile phones, laptops, wearable electronics, and electronic accessories.

Similarly, total textile exports, led by readymade garments, technical and man-made fibre textiles, are expected to reach USD 97.7 billion in the next six years. Marine and agriculture product exports are estimated to hit USD 118 billion by FY30.

Untapped areas in Odisha, West Bengal, Gujarat, and Tamil Nadu are under consideration for area expansion under aquaculture.

Additionally, value-added items like canned and dried products are identified for export promotion, with a special focus on the food processing sector.

To boost toy exports, toy clusters in various locations, such as Channapatna in Karnataka, Varanasi in Uttar Pradesh, Kondapalli in Andhra Pradesh, and Jaipur in Rajasthan, have begun exploring international markets.

Furthermore, the commerce department expects India’s ecommerce exports to reach USD 200 billion by FY30, driven by various products including Ayurvedic and organic items, spices, textiles, leather goods, handicrafts, personal care products, art, paintings, jewellery, auto parts, and electronic appliances.