Development of the automobile and engineering sector in India
The Indian automobile industry is a major producer in the world, including motorcycles, cars, and other vehicles. Indian engineering products include vehicles, engine parts, and machinery. In 2022-23, India exported engineering products worth about $35.5 billion.
There are huge opportunities in the Indian automobile and engineering industry. The demand for electric vehicles (EVs) is increasing in India, and new technologies are being used in this sector. Therefore, India’s automobile exports are likely to find new international markets.
Challenge
One of the major challenges facing the Indian automobile industry is maintaining production costs and quality . To remain competitive in the global market, special attention needs to be paid to production costs and quality.
Compliance with international safety and environmental regulations is also a challenge. International standards can only be met by using environmentally friendly technologies in India’s manufacturing processes.
7. Chemical products
Expansion of the chemical industry in India
The Indian chemical industry is a major exporter in the world. Pesticides, dyes, petrochemicals, and other chemical products are the major export products of the sector. In 2022-23, the Indian chemical industry exported about $26.5 billion.
Opportunity
There are many opportunities in the Indian chemical industry. There is a special demand in this sector for organic chemicals and eco-friendly products . Adoption of green chemistry and environmental measures is necessary to increase India’s position in the global market.
For example, according to information from the Indian Chemical Council (ICC) , Indian chemical products can perform better in exports by complying with environmental regulations.
Challenge
The major challenge facing the Indian chemical industry is compliance with environmental regulations . Strict adherence to environmental standards is required in the global market, which necessitates improvements in production processes.
In addition, the availability and price of raw materials may increase the value of chemical products. Therefore, Indian exporters will have to export higher quality products without creating a gap in the price of the product.
Certification and quality standards
Requirements for certificates in exports
For India’s export sector to succeed, the quality of products and services is of utmost importance. Various types of certifications are required to enter and survive in international markets. These certifications ensure product quality, safety, and compliance with specific standards.