Manufacturing exports fell from 18% in 2012-13 to below 7% in 2022-23, indicating a shift away from global markets
India's trade deficit hit a 10-month high of $30 billion in August, partly due to reduced manufacturing exports
China's slowed demand and excess capacity, especially in steel, have turned India into a net importer, impacting exports
Instability in West Asia and increased shipping costs have disrupted supply chains, reducing outbound capacity from India
India must enhance its global competitiveness and integrate into global value chains for sustainable economic growth
Focusing solely on domestic demand limits growth. India must look outwards, reducing tariffs, boosting exports, and finding new markets