According to a study conducted by the Federation of Indian Export Organisations (FIEO), Indian businesses can unlock a $112 billion export potential in ten countries, including the US and UK, within three years through an aggressive marketing strategy supported by the government. FIEO emphasised the need for a well-planned approach to tap into this potential.

The FIEO proposed that the government should establish a scheme to aid the participation of domestic industries in exhibitions, buyers-sellers meetings, and roadshows in key cities of these ten countries. This initiative aims to showcase Indian goods effectively. Additionally, Indian missions in these nations should identify and resolve market access issues, including non-tariff barriers, hindering the export of domestic goods. FIEO also suggested organising meetings between the industries and leading importers, alongside active print and electronic media campaigns to demonstrate India's manufacturing capabilities abroad.

The top ten countries with untapped export potential, as per the FIEO, include the US ($31 billion), China ($22 billion), UAE ($11 billion), Hong Kong ($8.5 billion), Germany ($7.4 billion), Vietnam ($9.3 billion), Bangladesh ($5 billion), UK ($5.4 billion), Indonesia ($6 billion), and Malaysia ($5.8 billion). The study identified various products, such as diamonds, vehicles, jewelry, electronic items, marine products, apparel, insecticides, iron and steel, tea, and coffee, with substantial export potential in these countries.

The study underlines the importance of focusing on untapped export opportunities, especially amidst global economic challenges like a slowdown, rising interest rates, and high inflation. The expansion of exports not only boosts job creation but also strengthens domestic manufacturing and contributes significantly to the country's foreign exchange earnings.

In response to these findings, the Indian government is actively working to enhance outbound shipments, aiming to increase goods and services exports to $2 trillion by 2030, compared to $776 billion in 2022-23.

Source: Business Standard