CII Identifies 31 High-Potential Indian Exports to Revive Growth
Indian merchandise exports have recently seen a dip of approximately 1.7%. To revive growth, the Confederation of Indian Industry (CII) has identified 31 products with export potential, categorising them into 'Achievers', 'Aspirers', and products needing capacity enhancement. The CII recommends strategic export plans and dedicated offices in key importing nations to boost exports, which are crucial for economic growth.
Among the 'Achievers' are jewellery and precious metals, tractor accessories, and motor vehicles. For these products, the CII suggests maintaining and building upon current strengths. However, for products like bridges, medicaments, and motor vehicles for goods transport, capacities need to be increased to meet demand.
The CII also proposes developing identification strategies at the state level to ensure product comparability and performance. This involves establishing standardised metrics and frameworks for transparent evaluation and benchmarking. Additionally, boosting domestic manufacturing is recommended through strengthening industrial clusters and facilitating Special Economic Zones (SEZs) and Coastal Economic Zones (CEZs).
Knitted or crocheted T-shirts, turbojets, and refined copper are among the 'Aspirers'. For these products, the CII suggests targeted strategies to enhance their competitiveness in the global market.
With exports being a critical component of Gross Domestic Product, the CII's recommendations aim to boost Indian exports and drive economic growth. By focusing on these 31 products and implementing strategic plans, India can enhance its global competitiveness and achieve higher growth prospects.
