The share of machinery and electricals in India’s overall export basket will surpass that of legacy textiles and apparel sectors in 2022 as per S&P Global Market Intelligence.
According to data released by the global financial market information and analytics services provider, India’s share of machinery and electrical goods has increased from 8% to 9.9% since 2016.
At the same time, it had steadily declined from more than 12% to just under 10% for textiles and apparel.
“India’s trade economy is set for rapid growth in 2023, supported by trade activity as the country diversifies its manufacturing base,” according to the report.
The government launched Production Linked Incentive (PLI) schemes in various sectors as part of its Atmanirbhar and Make in India plans to make Indian manufacturers globally competitive, attract investments, boost exports, integrate India into the global supply chain, and reduce reliance on imports.
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