India's rapid ascent as a global manufacturing powerhouse is underscored by impressive quantitative data. Projections by the Federation of Indian Export Organizations anticipate exports to soar to $900 billion in 2023-24, up from $770 billion, as robust global demand fuels growth. Notable expansions in manufacturing are evident across sectors, particularly in completely built units of electronic goods like smartphones. These tripled to $23 billion in 2023, with Foxconn investing an additional $1.67 billion in Karnataka and Apple aiming to boost annual iPhone output near Chennai to 20 million units by 2024. Furthermore, JP Morgan forecasts that Apple will relocate 25% of all iPhone manufacturing to India by 2025, illustrating a significant shift in global production dynamics.
 
The United States has emerged as India's largest trading partner, with exports surging by 62% from 2018 to 2022 to reach $26 billion. Specific sectors witnessed remarkable growth: American firms' purchases of auto components rose by 65%, mechanical machinery by 70%, and semiconductor shipments by an impressive 143%. This surge in exports is bolstered by government initiatives such as the Production-Linked Incentives (PLI) scheme, which offers over $26 billion in subsidies across 14 key sectors, aiming to reduce manufacturing costs and enhance production capabilities. As India endeavors to diversify its technology product offerings and overcome production constraints, it seeks to expand regional trade and supply chains through initiatives like the Neighborhood First Policy, paving the way for achieving the Modi government's ambitious export target of $2 trillion by 2030.