India had a significant year in 2023. It was able to successfully expand its export markets and penetrate previously unexplored territory as it aims to become a manufacturing and export hub and provide the largest alternative to China.

 

India's exports of products like gold jewelry and cars have reached new regions in Central Asia, Africa, Europe, and Latin America, according to a Commerce Ministry analysis. India was able to enter "absolutely new markets" last year.

 

When comparing the same, India's exports of a number of key commodities saw a notable increase, including motor vehicles, two- and three-wheelers, petroleum products, sugar, gold, and other precious jewelry.  $234 million worth of these commodities were exported to the "absolutely new markets," compared to zero shipments during the same time.

 

India has set a lofty objective with its New Foreign Trade Policy. India hopes to sell goods worth more than $2 trillion. To put things in perspective, India exported $770.2 billion worth of products and services. In order to achieve its target of exporting $2 trillion worth of goods and services, India needs to aim for an export growth rate of roughly 15%. A much-needed bright spot emerged as exports increased by 11.3% following ten years of abnormally poor development.

 

India intends to sell a lot of defense equipment. New Delhi now understands that a robust economy capable of withstanding global challenges and an equally powerful military-industrial backbone are prerequisites for true power and influence. Defence Minister Rajnath Singh recently stated, "India's annual defence production is expected to touch a whopping Rs 3 lakh crore and exports of military hardware are poised to reach Rs 50,000 crore" at the Firstpost Defence Summit. By exporting weaponry and defense systems, India will firmly establish itself as one of the "big boys" of the globe.

 

It is imperative that India discovers new export markets for its products. This approach boosts India's competitiveness and advances economic development while reducing reliance on certain markets. 

 

With its foray into new markets, India is demonstrating its growing influence as a trading power that prioritizes interactions with the global south and is eager to forge trade connections with this region of the globe. By exporting goods and services to a wide range of nations, India will be able to lessen the effects of any unfavorable circumstances that a specific nation or region may be experiencing. That is a wise course of action for a nation hoping to become a worldwide superpower.