India May Be Among Top Exporters by 2030: HSBC

The UAE is likely to remain India's top export destination by 2030, and China is forecast to emerge as the second largest export market, displacing the U.S.

Sector-wise, pharmaceuticals, transport equipment and textiles will help accelerate overall export growth. By 2021-30, pharmaceuticals exports are likely to emerge as one of the top ten contributors to total export growth.

India's pharma sector is relatively advanced and in a position to compete globally, the report said.

Major brand products in developed markets are undergoing patent expiration and Indian producers are ready to capitalize on a shift in spending towards generic alternatives, it added.

"While India is already well known for IT, in the medium term we foresee strong growth in pharmaceutical exports with auto as a sector to watch out for in the longer term," Uppal added.

READ MORE:
Meet India's 10 Highest Paid CEOs Of 2014