India Commerce Ministry targets rapid export growth following manufacturing push

India's Department of Commerce has identified rapid export growth as the primary strategic focus following the country's recent push to strengthen manufacturing capacity. Speaking at the 3rd edition of the CII Manufacturing Conclave, Additional Secretary Yashvir Singh emphasized that the government is developing industrial corridors, hubs, and improved connectivity to ports and roads to facilitate the movement of goods to global markets.

Singh urged industries to actively utilize Free Trade Agreements (FTAs) to expand market access and attract investment. He highlighted that while India has signed various trade pacts, businesses must proactively navigate rules of origin to secure preferential tariffs. To become a reliable partner in global value chains, Singh noted that the industry must focus on value addition, build resilient supply chains, and diversify export markets.

Specific strategic imperatives include investing in critical minerals, API manufacturing, and domestic electronic components to neutralize supply chain choke points. Singh also noted that the share of capital goods in India's export basket has increased from 13 percent in 2014 to 19 percent currently, a trajectory the government aims to accelerate.