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India’s Export Growth in Space, Clean Tech, and Renewable Energy

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Synopsis:

India targets significant growth in space exports, clean tech, and renewable energy components. With 17% of GDP coming from manufacturing, the country aims to reach $2 trillion in exports by 2030 and increase manufacturing’s share of GDP to 25% by 2047.

Indian government news today

On September 25, the 10-year anniversary of the Make in India programme was marked by significant strides towards positioning India as a major exporter in space, clean technology, and renewable energy components. The Indian government, under the National Democratic Alliance (NDA), inherited a fragile economy in 2014 but has successfully transformed the country into one of the world’s fastest-growing economies. Today, manufacturing constitutes 17% of India’s GDP, with ambitions to increase this share significantly.

Expansion in manufacturing sectors

Over the next five years, India plans to focus on expanding its capabilities in several critical sectors, including space, sustainability, clean energy, and green steel. The government has positioned India as a natural sourcing destination for manufacturing through initiatives like Design in India and Make in India, with the aim to capture a larger share of the global market in advanced technology sectors.

India is already supplying critical components to major global players like Micron and Boeing, and recent agreements with the United States in semiconductor manufacturing, clean energy, and AI are expected to further boost India’s exports.

India’s global outreach for investment

To strengthen India’s global manufacturing and export footprint, Invest India has launched a global outreach programme. Following the opening of new offices in Singapore and Australia, the government has plans to establish offices in Dubai, Abu Dhabi, Saudi Arabia, and Zurich. Additionally, Vibrant India centres will open in 10 locations across the United States, focused on promoting manufacturing and tourism.

These initiatives are part of India’s strategy to increase its export capacity and foster job growth across sectors. The Export Credit Guarantee Corporation will also support businesses through these new offices, helping to create a sustainable and export-driven ecosystem.

Future outlook

Despite geopolitical challenges, India remains on track to achieve its target of $2 trillion in exports by 2030. Manufacturing’s contribution to GDP is expected to rise from 17% to 25% by 2047, cementing India’s position as a key player in the global manufacturing landscape.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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