India, a country with the world’s fifth-largest GDP (3 trillion) is on a project to boost its economy to become the third-largest economy in the world. According to the Indian government, their economy will be 5 trillion by 2025. In Government’s “new India” initiative they are promoting countless startups, FDI, Entrepreneurship, and many import & export companies.
Top 7 Indian Exported Products
Refined petroleum products
In FY 2020 the export value for petroleum products from India accounted for over 2.9trillion Indian rupees.
Gems, precious stones
When it comes to precious stones India comes in one of the leading countries. As Indians are one of the major buyers of precious stones and gems so, you will find here skilled workers and their auspicious work. Due to this huge industry of gems, the overall export of precious stones has given the Indian economy US$ 29.01 billion and they have imported over US$26.05.
For a long period of time, the Indian economy is enjoying pleasure from the Textile industry. By exporting Textile they have generated huge revenue. India stands as the 5th largest country with an export turnover of US$37.11 billion.
As of now, post lockdown everyone is waiting for the vaccine of China’s virus(Covid 19). Every government is planning to make their vaccine come out from this uncertain condition. In such a scenario many governments and their companies have collaborated with Indian companies to fulfill their demand for vaccines. As WHO chief has also announced that India is the only country which can fulfill the manufacturing demand of vaccine for the world.
More than 60% of Indians are dependent on the farming sector. And cotton is one of the major sectors on which the farmer are relyed. According to some studies the cotton farming has to acquire 59% of total farming. During 2018-19 exports of cotton yarn, cotton fabrics and cotton made-ups reached US$ US$ 3.90 billion and US$ 5.95 billion, respectively.
India is the world third largest chemical producer in Asia and sixth in the world. In the fiscal year 2020, India exported chemicals and its products valued at more than 1.3 trillion rupees. This was a slight decline in value from the previous fiscal year in the country.
In FY 2020 the tea was exported around 58 billion Indian rupees and coffee was exported around 52 billion Indian rupees. India 2016-2017 coffee crop exports exceeded the official FAS estimate of 5.5 million 60-kg bags. The large coffee reserve from the 2016/17 crop has boosted the export of coffee beans and instant coffee.
Top 7 Indian Imports of Products
Indian real estate sector is booming like never before, this creates a huge market for further sector. And 70% of the furniture is made up of wood. So this creates a huge market for the wood supplier. The annual estimated wood consumption in India is 69 million(In million cum).
India is not a country where you will find the oil reserve. To fulfill the 1.3 billion population demand India has to purchase oil from major countries. Mainly these countries are Saudi Arabia, UAE, America, etc. To purchase the oil from these countries India spends US$153.5 billion which is 32% of total imports.
Electrical machinery and equipment
As per the estimations, the demand for electrical appliances has rapidly increased in the last decade. This includes the electrical and electronics items. In this sector, the mobile phone, television, A/C, home appliances, Industrial appliances, etc come. The total import for the last FY is about $50.4 billion which covers10.5% of total import.
Machinery including computers
As industrialization is at the highest peak in India, this call for machinery. Hence the import of machinery has accelerated with great speed. The last FY says that $44.1 billion has been spent on the import for such products which is 9.2% of the total import.
The upper and the upper-middle-class society in India has created a huge vacancy for luxury and precious brands. As of now the demand for such lucrative products and luxury brand are high.
The requirement for iron and steel is high because India is one of the major exporters of steel. As India has major industries of steel making so it requires a large amount of Iron from different countries. The total import for FY 2020 is $11.6 billion with a total of 2.4% overall.
India’s arable land area of 159.7 million hectares (394.6 million acres) is the second largest in the world, after the United States. Its gross irrigated crop area of 82.6 million hectares (215.6 million acres) is the largest in the world. To fertilize such a landmass Indian has to import fertilizers from around the world. In last FY 2020, the total import was around $7.3 billion.
- The Indian economy has shown a huge growth with 6.8% per year in its GDP.
- The Indian government is taking a massive step to make India the world’s third-largest economy after the US and China.
- In the list of landmass areas, India stands in 7th position. This reduces the issue like the acquisition of land.
- Manufacturing cost, labor cost, transportation cost are very minimal which helps to reduce the product cost and can help one to give competition in the international market.
- India has a 1.3 billion population which covers 17.7% of the world. This much population required a vast amount of goods and services.
- In terms of purchasing power, India is the 4th powerful country after the US, China, and Japan.
- According to the world bank’s Ease Of Doing business ranking India has shown a massive jump this year. It comes in 63rd position out of 190 countries. Recently India has jumped 14 ranks.
- The tax and regulation System in India is complicated as compared to many countries. One has to hire an expert to understand the complication of the system.
- We all know that India is the world’s largest democracy so every 5 years the political party changes. This led to showing some kind of instability in some of their policies.
- This is not a major concern but some of the time this can arise an issue.
- India is a vast importer of natural resources and many more raw materials. So it can create a shortage of goods, if one is planning to start manufacturing plant in India they should know these factors.