While diversifying into new markets like electronics, India has solidified its position as a leader in the export of labor-intensive agricultural and related products. According to the Commerce and Industry Ministry’s year-end review, exports of agricultural and related products increased dramatically from $26.90 billion in April-October 2023 to $27.84 billion in April-October 2024.
From $2.4 billion in 2013–14 to $4.2 billion in 2023–24, spice exports have increased dramatically. Spice exports saw a strong 10% gain from April to October 2024, reaching $2.47 billion from $2.24 billion over the same period the year before.
Exports of non-basmati rice rose from $2.9 billion to $4.6 billion, while exports of basmati rice rose from $4.8 billion to $5.8 billion. From April to October 2024, basmati rice exports totaled $3.38 billion, a 14.28% increase from April to October 2023 when they were $2.96 billion.
Exports of engineering items have also performed admirably this year, rising 9.73% from April to October 2024 to $67.48 billion from $61.50 billion over the same period the year before.
With exports rising 8.98% from $4.41 billion in April-October 2023 to $4.81 billion in April-October 2024, the auto components and parts industry has demonstrated remarkable performance. Exports of electronics goods reached $19.07 billion in April–October 2024, a 23.69 percent increase from $15.42 billion in the same period in 2023.
India’s success in the pharmaceutical and drug industry has likewise remained consistent. Compared to April-October 2023, when they were $15.79 billion, drugs and pharmaceutical exports from April-October 2024, at $17.05 billion, continued to show a robust 8% growth. India is still a significant supplier of medical equipment, generic medications, and other healthcare supplies.
When it comes to creating jobs, the textile industry is crucial. According to the statement, ready-made clothing exports of all textiles were $8.73 billion in April-October 2024, up 11.59 percent from $7.83 billion in the same period in 2023.
