NEW DELHI: India's export landscape has witnessed a significant transformation, with the manufacturing sector playing a pivotal role in driving the country's success in exports. Minister of Electronics and Information Technology, Ashwini Vaishnaw, emphasized the remarkable shift from predominantly service-oriented exports a decade or so ago to a current scenario where merchandise exports lead the way.
In the fiscal year 2023, India's total exports soared to $762 billion, with merchandise exports accounting for $453 billion and services exports at $309 billion. Minister Vaishnaw underscored the shift in export dynamics, highlighting the substantial surge in manufacturing-based exports, a stark contrast to the dominance of service-based exports in the past.
Vaishnaw elaborated on the essence of Make in India, emphasizing its core objective to bolster domestic manufacturing, job creation, and the empowerment of small and micro-industries. He emphasized that manufacturing within India not only generates employment opportunities but also enhances the nation's economy through increased exports, which brings in revenue.
The Minister cited the success stories following the launch of Make in India, showcasing robust growth across various sectors, especially in manufacturing. He pointed out the impressive growth in exports of electrical machinery and equipment, along with mobile phones, highlighting a substantial rise in their manufacturing and subsequent exports.
Vaishnaw also spotlighted India's transition from being a major toy importer to becoming an exporter to diverse global markets. He attributed this significant shift to the concerted efforts made under the Make in India initiative, demonstrating the country's strides towards becoming an export powerhouse across all sectors.