India rose as global player in petroleum, sugar exports in last 5 yrs: Govt

” As the world’s second-largest merchant of sugar, India’s success can be credited to both beneficial agricultural policies and its solid production base. The nation has actually capitalised on the growing global demand for sugar, specifically in areas like Southeast Asia and Africa,” an official said.India’s share in worldwide pie

India now holds a 3.31 percent share of the worldwide market, up from 2.34 per cent in 2018, and the nation has actually moved up to the eighth placement globally from 13th in 2018, showing the increasing demand for Indian-manufactured tires, specifically in emerging markets.

India’s export competition has seen healthy and balanced gains in several industries– especially petroleum, gemstones, agrochemicals and sugar– during the last 5 years, as these sections have raised their share in worldwide profession, according to the commerce ministry information.

In the priceless and semi-precious rocks sector, the country’s share in global shipments has actually skyrocketed to 36.53 percent last year from 16.27 per cent in 2018. It has actually driven the country to the top setting in the group, with exports reaching $1.52 billion in 2023 from $0.26 billion in 2018. It went to the 2nd spot in 2018.

The information additionally showed that exports of semiconductors and photosensitive gadgets have boosted from a plain $0.16 billion in 2018 to $1.91 billion in 2023, with the country’s share in the world market rising to 1.4 percent, and the country now places 9th internationally compared to 25th in 2018.

The ministry data analysis revealed that oil exports rose to $84.96 billion in 2023, with India’s market share surging to 12.59 percent in 2015 from 6.45 per cent in 2018, positioning it as the second-largest international exporter. It was rated 5th in 2018.