India’s Global Trade Share Doubles Since 2005, Driven by Services Exports: NSE Report

Keywords: India global trade, merchandise exports, services exports, Make in India, PLI scheme, NSE report, trade growth

India’s Rising Share in Global Trade

India’s contribution to global trade has doubled over the past two decades, reflecting the nation’s growing economic clout and competitiveness in international markets, according to a recent report by the National Stock Exchange (NSE).

Key Highlights from the Report

1. Merchandise Exports:India’s share in global merchandise exports rose from 0.9% in 2005 to 1.8% in 2023.The growth was driven by diversification of export portfolios and improved infrastructure.
2. Services Exports:India’s share in global services exports more than doubled from 2% in 2005 to 4.3% in 2023.India now ranks seventh globally in services exports, outperforming its position in merchandise trade.
3. Overall Export Share:India’s total export share (goods + services) increased from 1.2% in 2005 to 2.4% in 2023.

Catalysts for Growth

The report highlights several key factors contributing to this impressive growth:

• Trade Agreements: Enhanced bilateral and multilateral trade agreements have facilitated market access and export expansion.
• Government Initiatives:The Make in India campaign encouraged domestic manufacturing and export promotion.The Production-Linked Incentive (PLI) scheme incentivized sectors like electronics, pharmaceuticals, and textiles, boosting exports.
• Infrastructure Development: Improved logistics and supply chain infrastructure have enhanced India’s trade efficiency.

India’s Global Trade Rankings

India’s performance in global trade is particularly notable in services, where it ranks seventh globally. In contrast, it stands 16th in merchandise exports, reflecting stronger competitiveness in the services sector.

Conclusion: A Bright Trade Outlook

India’s consistent growth in global trade share underscores the success of its policy reforms, infrastructure upgrades, and economic strategies. As India continues to invest in trade facilitation and export promotion, its role in the global trade landscape is expected to grow even further, solidifying its position as a key player in both goods and services markets.

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