Business Across Borders 2021

3 Dun & Bradstreet India takes pride in announcing the launch of the inaugural edition of ‘Business Across Borders 2021’ . This publication aims to serve as a compendium of information on the leading exporters in India across diverse industries. For an emerging economy like ours that seeks to become a US$ 5 trillion economy in the near future, exports are a key component to earn valuable foreign exchange, optimize the balance of payments, expand markets and leverage comparative advantages. For many years, India has been making efforts to harness export-oriented growth. India did manage to make great progress between FY01 and FY12, during which time the country’s exports of merchandise and services increased seven-fold fromUS$ 61.7 bn to US$ 452 bn. Thereafter, however, it has grown by merely 1.8% per annum to settle at US$ 533.6 bn by the end of FY20. It isworthnoting that over thepast two decades, the share of merchandise in India’s exports basket has dwindled from nearly 74% in FY01 to 60% by FY20. Indeed, India’s merchandise exports have grown by a slower 10.3% Preeta Misra Director - CBIG & LEIG Dun & Bradstreet India per annum over these 20 years as against a 13.7% per annum growth in service exports. While manufacturing has been the prime driver of growth for economies like China, Japan, South Korea, Hong Kong and many other Asian countries, India has not yet been able to make a similar impact in terms of its manufacturing prowess. The Government’s Aatma-Nirbhar Bharat program is a call to build India’s self-reliance in various aspects. One of the key aspects is import substitution and manufacturing for the world. The pandemic has led various countries to consider rethinking their value chains, and therefore, India will do well to leverage this endeavour to enhance its manufacturing. Boosting domestic manufacturing by being ‘Vocal for Local’ with a long-term plan of eventually going Global is a strategy worth exploring. With sustained Government support, India could certainly match pace with China in the foreseeable future. In the wake of the ongoing COVID-19 pandemic, India has already taken major steps by initiating a Continuity Plan that would kickstart the growth of Indian exports. The plan also aims to increase the scale of Indian manufacturing and trade, which would further expand Indian products’ footprint at a global level. Government initiatives to provide support to Indian exporters through various export promotion schemes and providing basic framework can play the role of catalysts in India’s growth story. Although, the Government has already started taking measures in the right direction by several policy mechanisms, we still have a long way to go. While most countries are looking inward during these challenging times, India should use this opportunity to build its manufacturing capabilities to meet future global demand requirements. We hope that the publication ‘Business Across Borders 2021’ proves to be a useful source of information on Indian exporters. We look forward to receiving your valuable feedback and suggestions. Foreword Dun & Bradstreet