India’s export goods and services are increasing at a rapid rate and will continue to grow even more in the coming years. If the pace of growth remains in the same shape India will reach approximately 330 billion USD. India is currently in really good shape with other countries in terms of exporting. Here is a glimpse of India’s current Export Business relation with few countries:
- India with China
Currently, China has a slow growth rate and the economy has experienced such kind of rate after a long period of time. There are a lot of reasons behind the slowdown of the economy of China like US-China trade war, rising costs and better cost-effective trade practices adopted and used by the neighboring countries is making China behind the others.
So you might be thinking that if China is facing problems in their economy then how come India comes into play? After getting a fair idea of China’s condition, Mr. Ajay Sahai Director General and CEO, Federation of Indian Export Organisations (FIEO) say that China has always been interested in a man of the products of India like carpets, leather and spinning and many more. Currently what China needs is people who will work for them and they are short of it. So what they are trying to do is looking for the high and medium technology sector and also looking for the service sectors. We can say that India has a chance into this. right now China is struggling and they might need more manpower to support their country at this point India can come into play.
2. India and the United States
According to 2018, India has been the 12th biggest exporter for US goods and services. United States remains the biggest partner of India both in importing and exporting, according to 2018 U.S. has exported goods and services worth of $58.9 billion and India has imported goods and services worth of $83.2 billion.
The United States is the biggest foreign investors and have provided employment to around 1.3 million Indians and continue to give more. The United States fast-growing pace has been impacting everyone worldwide and expanding and changing technology, fashion and food all around.
India’s been doing well from the previous year, with a seven percent increase in GDP, a relatively low inflation position and stability in the currency.
A few years back the U.S. announced India as ‘Major Defense Partner’ which opened a way for trading in technology closely with the United States. Also, last year in 2018 United States shared that India would be at level 1 Department’s Strategic Trade Authorization (STA) license, meaning military exporting will be easier for Indian as they won’t need an individual license.
3. India and Australia
Currently, India is one of the most developing and fast-growing countries in exporting business and has also started coming up too.
‘In the last few years India has reduced greatly the custom duty and in coming near future government promises to decrease the import duties just like they reduced to 40 percent from 20 percent.’ says Ian Bennett Senior Manager, International Trade at Australian Business. He adds more ‘Indian government is providing a lot of opportunities in almost all sectors for the foreign investors to work. they are promising real good incentives for building all types of infrastructure and many more.
These opportunities are making a better way for the Australian exporters to expand in India.