New Delhi, India—25th October 2024: On September 25, 2014, the Prime Minister of India, Narendra Modi, used the phrase “Make in India” to launch a broader economic initiative. It is a comprehensive campaign to promote domestic manufacturing, attract foreign direct investment (FDI), foster innovation, and position India as a global manufacturing hub. In line with the same- Shiprocket’s cross-border platform, Shiprocket X, has announced insights into the demand for “Make in India” products globally
Export Development and World Position
India’s export industry has expanded significantly in recent years. According to Statista’s reports, the country has successfully exported made-in–India products worth over 36 trillion Indian rupees in 2023.
India has emerged as the 18th largest exporter; it must upgrade its export product mix and cut transportation costs to secure a better position in the league. Diversification of made-in–India products is essential for export earnings, as value-added exports are more beneficial than the export of raw materials.
Scope of Make–India Products in the Global Market
The key factors that helped in the success of “Make in India” are the country’s diverse heritage, skilled workforce, and affordable labour. Let’s delve into some of the Made in India products that are making waves internationally:
Leather Products:
India is the 4th largest exporter of leather. India exported leather and leather products worth 19 billion in 2023-24. Footwear including shoes, boots, slippers, and sandals constitutes 42% of the total market.
According to export figures, India ranks second only to China in the export of leather garments, third in the export of saddles and harnesses, and fourth in the export of leather goods. The garment sector has a share of 7%.
Leather goods are still one of India’s most popular exports, notwithstanding COVID-19’s negative effects on this sector.
Herbal Products:
According to the government’s data, India exported Ayush and herbal products totalling between 2021 and 2023.
The most popular exports from India in this category are herbal-based beauty items, cosmetics, and medicinal plants. These products are exported in various dosage forms, including tablets, powder, gel, ghee, paste, pills, eyedrops, nasal drops, body lotions, and skin and hair care products. The most popular exports from India in this category are herbal-based beauty items, cosmetics, and medicinal plants.
The industry plays a crucial role in India’s growing economy, contributing over 7% to the country’s total GDP. Additionally, it represents 15.71% of India’s total merchandise exports, making it the third-largest contributor. This sector significantly contributes to foreign exchange earnings.
Gems and Jewellery:
This industry plays a crucial role in India’s growing economy, contributing over 7% to the country’s total GDP. Additionally, it represents 15.71% of India’s total merchandise exports, making it the third-largest contributor. This sector significantly contributes to foreign exchange earnings. It is estimated that the Gems and Jewellery sector will grow its exports between 800 and 900 tons in 2024.
India’s gems and jewellery sector primarily exports to key markets like the USA, China, Hong Kong, UAE, Belgium, Israel, Thailand, Singapore, and the UK. In FY23, the US emerged as the largest importer, constituting 33.2% of Indian Gems and Jewellery exports, totalling . According to reports, the exports of gems and jewellery from India in FY24 amounted.
Home Decor Items:
Indian handicrafts, including kitchen linen, solid and printed bedsheets, and handicrafts, are well-liked worldwide.
As per Volza’s data on Indian exports, India shipped 7,122 home decoration items from March 2023 to February 2024. In terms of volume, 572 home decoration export shipments were reported in 2024 from India. The most popular destinations for exported home decoration from India are the United States, Peru, and Mexico.
Clothes and Apparel:
India is a major exporter of textiles and ranks 10th on the global list. In the fiscal year 2021-2022, textiles and apparel exports reached USD 41.3 billion, making up 9.79% of the total goods exports.
India is well-known for its cotton, silk, and denim products. Indian fashion designers and their creations are increasingly successful in international fashion hubs. The demand for its decently-priced products and delicately crafted goods is undoubtedly rising quickly in the global market. The Indian textile sector accounts for more than 12% of the country’s export revenue.
Tea:
India is the 2nd largest tea producer and largest black tea producer after China and the 4th largest exporter of tea in the world. Indian tea is one of the finest in the world due to strong geographical indications. India’s tea exports amounted to in 2023. Assam, Darjeeling, and the Nilgiris area are noted for producing tea that has a unique flavour and superior quality.
The Indian government is focused on skill development and improvement of infrastructure to make “Make in India” successful. The rise in the demand for Indian goods in the international market has enabled the nation to tap into global markets and improve quality. India has been able to cut down on import costs. The initiative has led to the emergence of new economic zones in Tier II and III cities.
From leather goods to herbal products, gems and jewellery to textiles and apparel, India has become a major player in diverse industries, contributing significantly to the country’s GDP and merchandise exports.
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