Indian exports to America have increased by 44 percent in the last five years. During this period, China’s exports to America have declined by 10 percent. For the last few years, India has been continuously trying to become a manufacturing hub. India has launched a Production Linked Incentive (PLI) scheme to increase its manufacturing in 14 sectors.
New Delhi, Jagran Bureau. The share of Indian exports to America, the world’s largest economy, is continuously increasing. On the other hand, the share of China, the world’s largest supplier, is decreasing in the American market. According to the report of Boston Consulting Group (BCG), America is continuously reducing its imports from China. At the same time, India is increasing its imports from Mexico and other South East Asian countries.
India has been continuously trying to become a manufacturing hub for the last few years and has achieved success in many sectors. India has launched Production Linked Incentive (PLI) scheme to increase its manufacturing in 14 sectors. According to a BCG report, in the last five years, India has emerged as a global winner in the manufacturing sector due to its efforts.
Meanwhile, Indian exports to America have increased by 44 percent between 2018 and 2022. During this period, Indian exports to America increased by 23 billion dollars. On the other hand, China’s exports to America declined by 10 percent during this period.
The US has reduced its mechanical machinery imports from China by 28 percent in the last four years, while the machinery exported from India to the US has increased by 70 percent during this period.
It is cheaper to make goods in India than in China
According to the report, India is rapidly becoming a major producer of engines and turbines. The production cost in India is also low and for the last few years, supply chains ranging from electric vehicles to chemicals and other heavy machines are being established in India.
According to the BCG report, if a product made in India is made in America, its cost will be 15 percent more than the production cost in India, whereas if a product is made in China, its cost will be only four percent less than the American cost. Last year, India also signed foreign trade agreements with UAE and Australia and Indian exports will also benefit from this.
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