Key Points
Indias share in the global export of machinery, phones, automobiles and petroleum has grown significantly between 2015 and 2022..
An analysis of the data by Delhi-based trade think tank Global Trade Research Initiative (GTRI) shows Indias exports in the category called electronics, telecom, mobile phone etc., jumped from $7.9 bn in 2015 to $26.6 bn in 2022 from 0.41% share of world market to 0.71%, a 73% rise..
If goods and services are com- bined, total exports ($770 bn in FY23) registered a healthy 13.4% rise.. Meanwhile, among Indian merchandise export products, which lost glob- al market share in recent years, gems and jewellerys down- swing has been staggering..
While acknowledging that the shrinking of Indias share in total gems and jewellery export has been a matter of concern, Colin Shah, MD of Kama Jewellery, tells ET that passing the Development of Enterprise and Service Hubs (DESH) Bill, now pending in Lok Sabha, is essential to get big foreign jewellers to invest in India...
According to International Monetary Funds (IMFs) World Economic Outlook, April 2023, the growth in the volume of world trade is expected to decline from 5.1% in 2022 to 2.4% in 2023, thus echoing the slowdown in global demand after two years of rapid catchup growth from the pandemic recession and the shift in the composition of spending from traded goods back toward domestic services...
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