An Enquiry into India's Export Market and Product Diversification

India's exports during the post economic reform period witnessed an upward growth, until the global recession erupted in 2008. Annual export growth rate was registered at 29% in 2007–08, but declined to 13.6% in 2008–09 and turned negative at (−) 3.5% in 2009–10. Export market and export product concentration is considered one of the major causes for significant decline in India's exports resulting from slowdown in advanced countries viz. USA and EU. Therefore, the Government of India has put a great emphasize on export diversification strategy to restrain, revive and strengthen its exports. Few momentous changes are broadly observed in terms of direction and composition of India's exports, but no extensive analysis has been done so far in this context. The paper is aimed at undertaking an in depth analysis of measuring and analyzing diversification of markets and products of India's exports. The analysis shows that the country has been relatively more successful in enhancing exports to the different markets as compared to enhancing variation in its export products.