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Demand for Make in India products from America and Europe: Indian products are now being established as brands across the world. The demand for Make in India products is increasing rapidly in other developed countries including America. In the last 10 years, America's share in India's total exports has increased from 19 percent to 23 percent.
Europe's share in India's total exports has increased from 18 per cent to 23 per cent. This increase in the share of developed countries in total exports is proof that various products made in India are now proving their quality in other countries as well. In the last 10 years, the share of Asian countries in India's exports has decreased, while the share of exports to western countries has increased. The reason behind this is not the decrease in the purchase of Indian goods by Asian countries but the effect of increasing demand in other countries.
Demand for Indian products from smartphones to medicines
According to the Department of Commerce and Industry, the US share in the export of smartphones, electric machinery, equipment, drug formulations and biological products has increased rapidly in the last few years. In 2023-24, India exported smartphones worth $15.57 billion. Of which the US share was 35.8 percent. In 2022-23, India exported smartphones worth $11 billion, of which the US share was only 19.7 percent. The impact of Make in India has increased the manufacturing capacity in India and now quality products are being made here, increasing the reputation and demand of products made in India around the world.
Exports of electrical machinery and equipment increased
Since the launch of the PLI scheme, smartphone manufacturers including Apple have increasingly launched export-oriented products in India. Due to which India's exports in this segment have increased rapidly. The US share in the export of electric machinery and equipment was 12.9 percent in 2015, which has increased to 19.3 percent in 2023-24. In 2023-24, India exported electrical machinery and equipment worth $ 12.37 billion.
Drug manufacturing-organic exports on the rise
Along with generic drugs, the US is also becoming a big market for drug formulations and biological exports. In 2023-24, India's drug formulation and biological exports were $21.71 billion and accounted for 37 per cent of the US market and 34 per cent in 2022-23. India's merchandise exports are set to grow from $320 billion in 2014-15 to $438 billion in 2023-24. The demand for Make in India products has increased in the US as well as in developed countries like Netherlands, UK, Italy, France, UAE.