The country’s economy depends on the number of goods are imported or exported in the world of Import Export Business. For a few countries, the exports are higher in terms of imports and vice versa for many other countries where they have to import more of a commodity as compared to their exports. In the Export Business, India is one of the major producers of chemicals, vegetables, electronics, cars, petroleum products, pharmaceuticals, beef, Agro chemicals, leather goods, to name a few. This is due to the availability of resources and geography that helps it to produce various goods in surplus.
Export Business plays an important role in defining India’s economy and its total export data is updated on a monthly basis. Various reforms and government initiatives to bolster ties with major countries will help the country to grow its Import Export Business.
Certain measures have been taken by the Ministry of Foreign Trade and Industries such as making export and import business online, which is one of the biggest achievements for anyone to easily sell and purchase their goods online through various e-commerce websites such as Amazon, Flipkart, Alibaba, etc. Apart from this, an easy and hassle-free documentation to open an Export Business has given confidence among the small enterprises and the start-ups.
Foreign trade policies and schemes 2015-2020 are the ones to provide promotional measures to improve and boost India’s exports. These schemes include:
- Exports from India scheme for MEIS and SEIS
- Duty exemption and remission schemes to enable duty-free import of inputs under certain norms
- EPCG scheme with Zero duty EPCG scheme and Post Export EPCG duty credit scrip scheme
Though, in May 2009, the total exports reached a record low of -34.1% from an all-time high in 2008 at 63%. In 2018, the total export of India was recorded USD27.9 Bn, with USD 41.9 Bn total imports. This has led to India’s trade balance deficit, which was recorded at USD 14.0 Bn in the same month.
Who are the largest exporters and which countries import their products to India in bulk?
As for the export is concerned, India’s top export countries are United States ($44.4Bn), UAE ($28Bn), China ($14Bn), Hong Kong ($12.7Bn) and Germany contribute to $9.9 Bn exports.
Similarly, when it comes to imports, the countries with top import origins of India are China ($68.9Bn), United States ($22.8Bn), UAE ($22.1Bn), Switzerland ($20.9Bn) and Saudi Arabia ($19.4Bn).
Political Aspects and concerns for Import Export Business
Major plans and measures have been taken for an easy and smooth functioning of Import Export Business, many industries found a major setback due to the sudden implementation of demonetization and Goods and Services Tax.
The government has promised to maintain the small and medium enterprises, the leather industry (which totally depends on exports and a larger contributor of GDP), has found to be at a loss with various international orders being cancelled. It has given a golden opportunity to neighboring countries like Pakistan, Bangladesh, and countries like Brazil and Vietnam to get large orders from European countries, thus raising a matter of concern for the future leather market.330
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