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Nirmal Bang Report
India has marginally gained export market share since 2020, rising from 1.6% to 1.8%. However, this gain in market share pales when compared to the 2005-11 period. Also, India's market share in exports lags all other major economies.
We see no major change in India's export basket with the notable exception of Electronics exports and in particular Mobile/ Smart phones. Smartphones are now India's second largest export item to the US. The ‘Smartphone' export wave in India is largely attributable to the Production Linked Incentive scheme.
The PLI scheme has helped India gain a foothold in a number of sunrise categories like Electronic and Technology products, Solar PV modules, Medical devices and even active pharmaceutical ingredients. Similarly, there has been no significant change in trading partners with the exception of the Netherlands which has emerged as India's third largest export destination led by petroleum exports.
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