The whole world is witnessing a severe hit of the COVID-19 pandemic. People are losing lives, and the global economy has also been severely impacted because of the same. Not only the global economy but also every nation’s economy has also been affected a lot! Talking about the Indian economy, we are also facing a trade deficit, and there is a massive gap between our imports and exports because of COVID-19.
To deal with such a situation, India’s PM, Shri Narendra Modi, has taken the initiative and started a new campaign named “Aatma Nirbhar Bharat.” This campaign ultimately encourages India’s citizens to manufacture their own products and try to sell it in the national and international markets after meeting the home country’s demands. It will help the nation to balance the equilibrium in our imports and exports. Doing so will eventually help to boost up the export performance.
Hence, COVID-19 pandemic is becoming more of a new opportunity for export businesses in India. Many countries are deciding/ have decided to start their import business with India. That’s good news for all of us! It will increase export business opportunities in India.
Let’s discuss how Covid 19 is offering new opportunities for export business in India.
- How the Indian Government is Helping Export Business in COVID-19
Indian government always encourages for starting or expanding export business. They create many export opportunities for aspiring business owners, no matter what size of their company is. Even in this COVID-19 Pandemic, they are helping business owners to start their export business. The government is taking several measures to lend a helping hand for the export industry amid this pandemic.
To cope up with the situation, the government has made some decisions on extending policies regarding the export industry.
Let’s check what all policies have been extended and what changes are made in the same.
- Extension for filing RoSCTL claims
- Foreign trade policy extension by 1 year
- Advance authorization and export promotion capital goods scheme
- Valid period of all status holder certificates
- Registration cum membership certificate
- Filling Claims under services and goods export from India schemes
Furthermore, the government provides several relaxations and extensions of meeting various compliance deadlines, so it becomes easy for export business owners to survive in the market and profit from it.
- Filing claims/replies
- Report on default
- For the claim eligibility period
- For filing declarations
- Discretion to decide regarding shipments
- Reduction in policy proposal processing fees
Well, the Indian government is trying its best to maintain all the standards and policies for export business during the novel coronavirus situation.
Now, let’s get familiar with,
- What are The Current Trends in Exports During COVID-19?
It’s definite that COVID-19 is a short-term but a considerable threat, and it’s definitely come to an end. But we need to go out of the comfort zone. Implementing export business with current trends can help head to the new era of growing your business to the international market, wondering what the current trends should be responded to by your company amidst COVID-19? Here, they are!
The below-mentioned trends are the ones that are started before the crisis and still exist.
- Added-value services & innovation
- New Business models
- Digital Marketing and communication
- Tailor-made lead generation
- Name of the Few Businesses That Can Benefit From Covid-19
Many of the countries were dependent on China mostly as they were purchasing goods at cheaper rates. But after COVID-19, they have put trade restrictions again Chinese products. They diverted their business moves for importing products from different countries. Thus, it is the right time for India to take advantage of such a situation. India will have a massive opportunity in exports.
According to many news resources, the government has already started an export business for many products and adopts a flexible approach towards it.
Below mentioned are the products with its sub-products for which export business owners can benefit from COVID-19.
- Fruit products: Mangoes, Bananas, Grapes, Oranges
- Vegetable products: Onions, Potatoes, Tomatoes, Green chilly
- Farm and dairy products: Rice, Meat, Dairy and processed food items, Groundnuts, Poultry, Organic products, etc.
- Pharmaceutical products
- Iron and steel products
- Electronics products
- Medical instruments
- Auto components
- Organic chemicals
- And many more.
Exporting these products can support the whole industry and create new export business owners opportunities during this corona crisis.
- Rise of New Opportunities in Export Business During COVID-19
This outbreak of COVID-19 can serve many new opportunities for export businesses in India and help the country in increasing exports. Due to the current situation worldwide, many developed or developing countries do not want to deal with China. They would like to make their relationship with India strong in terms of importing. Thus, India can be a healthy alternative as compared to China in providing quality products at a very reasonable rate to those countries.
Moreover, there are a high-chances that large-scale foreign investments are taking the places in India with the help of political efforts. Many big brands want to manufacture innovative products back in India, which can directly increase India’s export business opportunities.
The products mentioned above are also highly-demanded in many countries, and our country is capable enough to meet the demand for these products. It means the Indian economy can be benefited from exporting these products during the crisis.
In short, Covid-19 is a blessing in disguise for export business in India and creating more and more new export opportunities.
If you are looking for an opportunity to expand your export business and want to take your place to the next level even in this pandemic, get in touch with us at Impexperts and receive more business information with valuable ideas from them. If you have any queries regarding the export business, contacting us would be the best decision for you! Impexperts is a world of import and export training, service, and trading courses. We are also a part of the global federation of entrepreneurs group as well.