However, after reaching a high of $42.2 billion in March, monthly numbers began to decline. It is now obvious that exporters are having difficulties as a result of the slowdown in the industrialised world. Their main challenges will be dealing with a declining currency and adapting to shifting demand. There has been a push from manufacturers to replace capacity in China in some sectors in India, most notably specialty chemicals. Government policies linked to production are intended to increase exports in other industries, such as textile and electronics manufacturing.
Harshbeena Zaveri, vice chairman and managing director of NRB Bearings, stated that “with the high chance of a recession in the West, the market for legacy products for car component businesses could be under threat.” She emphasises that companies who adopt more modern technology in the hybrid and e-mobility space should do well as increasing demand accelerates the launch of new platforms.