Aggressive marketing strategy including support from the government can help Indian businesses tap USD 112 billion export potential in ten countries like the US and UK in three years, according to a study by FIEO.
The government is taking initiatives to enhance outbound shipments from India, with the goal of increasing goods and services exports to USD 2 trillion by 2030. In 2022-23, it was USD 776 billion.
Aggressive marketing strategy including support from the government can help Indian businesses tap USD 112 billion export potential in ten countries like the US and UK in three years, according to a study by FIEO.
Federation of Indian Export Organisations (FIEO) said that to tap this potential, a proper strategy is required.
It suggested the government to formulate a scheme to support participation of domestic industry in exhibitions, buyers-sellers meet, and roadshows in important cities of these ten countries to showcase Indian goods.
Besides, Indian missions in these countries should identify market access issues so that those problems can be resolved to promote shipments of domestic goods in those destinations as non-tariff barriers impact exports.
The missions can also help industry organise meetings with leading importers, FIEO said, adding active print and electronic media campaigns can be considered to show the prowess of domestic manufacturing capabilities in these countries.
"The top 10 countries with the value of untapped exports potential of USD 112 billion are the US (USD 31 billion), China (USD 22 billion), UAE (USD 11 billion), Hong Kong (USD 8.5 billion), Germany (7.4 billion), Vietnam (USD 9.3 billion), Bangladesh (USD 5 billion), UK (USD 5.4 billion), Indonesia (USD 6 billion) and Malaysia USD (5.8 billion)," the organisation said.
It said that due to global slowdown, rising interest rate and high inflation, the demand has taken a hit affecting India's exports also and in this backdrop, it is important to focus on untapped exports potential.
According to the study, there is a potential to increase exports of domestic products to these ten destinations and those goods include diamonds, vehicles, jewellery, electronic items, auto components, marine products, apparel, insecticides, iron and steel, tea, and coffee.
In the US, huge potential is there for diamonds (USD 3.7 billion), motor vehicles (USD 2.2 billion), jewellery (USD 1.4 billion), telephone sets and other voice/image transmission apparatus (USD 1.3 billion).
Similarly, exports of items like motor vehicles, auto parts, jewellery, bovine meat, shrimp, human hair, pepper, granite, castor oil and aluminium hold huge potential in China.
In Germany, domestic exporters can explore areas such as aluminium, coffee, apparel, cashew nuts, motor vehicles, and jewellery.
In the UK, exports of diamonds, jewellery, shrimp, wooden furniture, rice, black tea, turbojets, auto components, sandstone and baby garments can be increased, the study said.
Indonesia and Malaysia, according to the study, hold potential for iron and steel items, raw cane sugar, auto components, insecticides, aluminium alloys, copper cathodes, shrimp and pharma products.
Increasing exports help in creating jobs, boost domestic manufacturing and earn foreign exchange for the country.
The government is taking steps to boost India's outbound shipments and it is targeting to increase the goods and services exports to USD 2 trillion by 2030. It was USD 776 billion in 2022-23.