New Delhi, India – October 25, 2024: Since its inception on September 25, 2014, the “Make in India” initiative, championed by Prime Minister Narendra Modi, has reshaped India’s manufacturing landscape. This sweeping campaign aims to bolster domestic manufacturing, attract foreign direct investment (FDI), and establish India as a global manufacturing hub. Shiprocket X, the cross-border arm of Shiprocket, recently shared insights on rising global demand for Indian products, facilitated through its platform, which has reached a $100 million Gross Merchandise Value (GMV) milestone.
Global Export Growth and Strategic Positioning
India’s export economy has seen significant expansion, with exports reaching over ₹36 trillion in 2023, according to Statista. Currently ranked as the 18th largest exporter, India is actively working to diversify its product mix and reduce transportation costs, key strategies for improving its global export position. For sustainable export earnings, the focus is on value-added products rather than raw materials.
Indian Products Making a Global Impact
Leather Products
India ranks as the fourth-largest leather exporter, with exports totaling ₹19 billion in 2023-24. The leather industry’s primary products—footwear (42% of the market) and leather goods—have been key in India’s export growth. The country is the second-largest exporter of leather garments, following China, and ranks third in saddles and harnesses. Despite COVID-19 challenges, leather goods continue to be a robust export segment.
Herbal Products
Between 2021 and 2023, India exported Ayush and herbal products worth $1,240.6 million, with herbal-based cosmetics and medicinal plants in high demand. These products are widely popular in diverse forms, from tablets to powders, across global markets. The sector is crucial to India’s economic growth, representing 7% of GDP and contributing 15.71% to merchandise exports, making it the third-largest contributor to foreign exchange.
Gems and Jewellery
The gems and jewellery sector, contributing over 7% to India’s GDP, is another cornerstone of Indian exports, representing 15.71% of merchandise exports. The sector’s exports are projected to reach 800 to 900 tons by the end of 2024, targeting major markets such as the U.S., China, and the UAE. The U.S. leads as India’s largest importer, accounting for 33.2% of total gems and jewellery exports, with $12.45 billion worth of products imported in FY23.
Home Decor
Indian handicrafts, from kitchen linens to printed bedsheets, hold a unique appeal in global markets. Data from Volza shows that India shipped over 7,100 home decor items between March 2023 and February 2024. Major export destinations include the United States, Peru, and Mexico, reflecting international interest in India’s rich craftsmanship.
Clothes and Apparel
India’s textile and apparel industry is a significant global player, ranking 10th in worldwide exports. In FY 2021-22, India’s textile exports reached $41.3 billion, making up 9.79% of total exports. Known for its high-quality cotton, silk, and denim, the Indian textile sector enjoys growing demand internationally. The sector alone accounts for over 12% of India’s export revenue.
Tea
India is the second-largest tea producer globally and the leading black tea exporter. In 2023, Indian tea exports amounted to $474.22 million, with Assam, Darjeeling, and Nilgiri teas holding premium positions in the international market for their unique flavors and quality.
Driving “Make in India” Forward
India’s government continues to invest in infrastructure and skill development to support the “Make in India” initiative, which has spurred economic growth, especially in Tier II and III cities. The global demand for Indian products has enabled the nation to not only enhance export quality but also reduce import dependencies, fostering a self-reliant economy.
With diverse offerings, from leather goods to herbal products, gems and jewellery to textiles and tea, India has established itself as a major player in the global economy. The “Make in India” initiative has brought economic opportunities to the forefront, strengthening India’s position on the global export stage.
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