Focus Sectors for $1 Trillion Exports Target

January 29, 2024

India has identified 6 key sectors – electronics, engineering goods, textiles, marine & agriculture, toys and pharmaceuticals – that could help the country achieve almost 70% of its $1 trillion goods export target by fiscal year 2030. As per a study by the Ministry of Commerce and Industry, these sectors have the potential to reach $670 billion in exports by FY2030, compared to India’s total goods exports of $451 billion in FY2023.

Engineering Goods

Expected to grow from $107 billion in FY2023 to $300 billion in exports by FY2030, led by categories like drones, solar modules, turbo jets, automotives and electric vehicles.
Growth will be propelled by India’s strengths in auto components, rising global demand for EVs and India’s push towards self-reliance in defence and space technologies.

Pharmaceuticals

Pharma exports focused on biosimilars and innovation drugs could rise from $25 billion presently to $57 billion by FY2030.
Growth drivers include India’s expertise in generic drugs, focus on biologics and increasing R&D for novel drugs.

Electronics

Exports estimated to reach $100 billion by FY2030, driven by categories like mobile phones, laptops, wearables and electronic accessories.
India is strengthening its position in EMS, component manufacturing and design capabilities while ‘Make in India’ focuses on domestic demand and exports.

Textiles

Total textile exports, including readymade garments and technical/man-made fiber textiles, expected to touch $97.7 billion by FY2030.
India holds strong capabilities across entire value chain from raw materials to finished products with competitive labour costs.

Marine & Agriculture

Marine and agri product exports estimated to reach $118 billion by FY2030.
Focus on expanding aquaculture production in states like Odisha, West Bengal, Gujarat and Tamil Nadu.
Also boosting value-added exports like canned/dried products and promoting food processing sector.

Toys

Niche sector but seen remarkable growth, with focus on promoting toy clusters for exports.
Clusters such as Channapatna, Varanasi, Kondapalli and Jaipur are tapping more into international toy markets.

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