Mfg Rebound Adding To Exports

Mumbai: The outlook for India’s exports is brightening as underneath the subdued growth profile of the past few months, the country has been gaining a share in global trade of key manufacturing items, according to the RBI bulletin for November.

“In fact, India currently holds 13 per cent or a sixth of the global market share in petroleum products, attesting to rising refining capabilities and ability to meet international standards,” the report states.

It is the largest exporter of precious and semi-precious stones, the third largest exporter of insecticides, the eighth largest in rubber pneumatic tyres, and the ninth in semiconductors.In the first half of 2024-25, Apple exported close to US $6 billion of India-made iPhones, while automobile exports expanded by 14.3 per cent, led by passenger vehicles and two-wheelers, the RBI report added.

Export restrictions on several items have been lifted. Efforts are being intensified to expand the number of geographical indication (GI) products to scale up overall exports and secure premium pricing in global markets. Already, more than 1,100 GI products are registered under the one-district-one-product (ODOP) scheme, with 640 of them being exported out of a global total of close to 70,000 GI products, the report points out. It also states that there is some urgency gathering around evolving a standardised approach to negotiating free trade agreements (FTAs) to address rules of origin and non-tariff barriers.