What is the importance of exporting to India?
The Indian market has been a great playing field for foreign players since ages. If we flip through the pages of our history books and go back to the period of old civilizations, then we will find how much every merchant around the world aspired to sail across continents to reach the shores of this incredible nation. It formed the crux of the famous Silk Route. Come, 2022, the Indian economy is regarded as the fastest growing one in this entire planet. During the recently delivered union budget 2022/23, honourable Nirmala Sitaraman, the minister of finance, government of India, firmly said that the Indian economy is slated to reach 5 trillion dollars by 2024/25. That’s quite a number – enough to initiate the adrenaline rush for the global investors, especially the ones from Australia, New Zealand and Papua New Guinea.
5 Trillion Dollars by 2024/25
One needs to expand his/her business enterprise in new horizons. Hence, there should be a frantic search for greener pastures. But a tested method should be there in the madness. If one manages to get hold of a great method which eases all the difficulties so that one can export to India with utmost precision, then there’s nothing like it.
Why is India a huge Market and how can you leverage opportunities?
- The entire world’s 17.7% population i.e., 1,402,474,257, resides in India.
- Half of its total population is aged lower than 28.4 years – that’s almost 700 million.
- 35% of India’s population comprises of urban people.
- The very fact that, India is a nation that upholds unity in diversity is a great add-on, because it gives the investors a wide range
of varied potential customers.
- The Indian economy is on a rise continuously for the last few years.
It even managed to resist the economic shock caused by the covid-19 pandemic. Sensex and Nifty experienced major growth amidst these turbulent times.
One needs to enter the ever-expanding Indian market with his/her exciting brands and market them in the best possible manner to gain dividends for sure.
What are the major export industries in India?
Just couple of days ago, CII (Confederation Of Indian Industry) President T V Narendran said, “With a holistic and aggressive approach, the aim to achieve USD 1 trillion in merchandise exports by 2030 is indeed achievable if India undertakes a strategic mission”. This certainly gives a massive boost to the foreign investors thinking of stepping into the Indian market. The major export industries of India are –
Iron and Steel
If we look at the latest data then we realize that it’s a two-way traffic.
Both imports into India and exports from India are witnessing massive development in the recent fiscal years.
India’s trade partners and how they benefit
India’s trade partners have managed to bear fruit by striking various trade pacts with India. The government of India’s various policies which have seen the light of the day over the last few years, clearly indicate that there’s enough room for foreign investors to make the most of the huge trade opportunities on offer. The top trade partners of India follow –
United States: US$49.3 billion (17.9% of India’s total exports)
China: $19 billion (6.9%)
United Arab Emirates: $18 billion (6.5%)
Hong Kong: $9.5 billion (3.5%)
Singapore: $8.3 billion (3%)
Each one of them has made great value additions to their own economy by collaborating with Indian businesses.
Conclusion: Why exporting goods to India is a great idea for businesses
India welcomes you with a huge gamut of business opportunities, billions of varied potential customers, an economy growing almost at the speed of light – you can’t ask for more. AdzGuru Trade Connecting Services will help you expand your business in the Indian soil and make the most of the ample scopes on offer by launching your brand in the best possible manner.