Share of India's machinery and electrical goods trade rising: Report

The share of machinery and electricals in India's overall export basket overtook its trade in legacy textiles and apparel sectors in 2022, said S&P Global Market Intelligence.

Data put out by the global financial market information and analytics services provider showed the share of India's machinery and electrical goods rose from 8 per cent to 9.9 per cent since 2016.

At the same time, for textiles and apparel, it had steadily declined from over 12 per cent to a little below 10 per cent.

"India's trade economy is set for rapid growth in 2023, aided by trade activity as the country diversifies its manufacturing base," the report said.

As part of its Atmanirbhar and Make in India plan, the Government launched Production Linked Incentive (PLI) schemes in varied sectors to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports.

( With inputs from ANI )