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In December 2023, the Railway and IT Minister stated that India has emerged as a manufacturing major, and is moving towards an export-driven economy growth. In the next few years, it will become the 3rd largest economy. It is contributing to the Nation’s GDP by 17% and employing 27.3 million workers.
“In one year, the question has changed from ‘Why invest in India’ to ‘Why not invest in India” – Shri Narendra Modi (Prime Minister of India)
As per the reports of OEC 2021, the top imports of India are Crude Petroleum, Gold, Coal Briquettes, Diamonds and Petroleum Gas. These products are from China, the United Arab Emirates, the United States, Switzerland and Saudi Arabia.
The top exports of India are Refined Petroleum, Diamonds, Packaged Medicaments, Jewellery, Rice, Non-Retail Pure Cotton Yarn, Pepper, and Synthetic Reconstructed Jewellery Stones. In the article, we share the top 10 business ideas for import or export in India.
The diamonds have a high value per unit weight, which makes them ideal for international trade. The cost of transportation can be lower as compared to bulky or heavy goods. However, the industry requires a high capital investment for sourcing, cutting, polishing and marketing the diamonds.
The diamonds hold cultural and economic significance across continents, fueling consistent demand for polished and rough stones. This creates a thriving export market. The diamond industry boasts well-developed international trade networks and infrastructure, facilitating efficient movement and transactions. Polished diamonds fetch high prices, especially at the higher end of the spectrum, translating to potentially considerable profits for exporters.
Packaged medicaments are essential medicines that are affordable and safe for everyone. Packaged medicaments are available with a convenient format and strict quality control. These pre-measured doses in tamper-proof packaging not only simplify medication use but also ensure potency and protect against contamination.
India is supplying these life-saving drugs to the world. However, these are the second largest products that India exports to other countries. These medicines help in controlling the major chronic diseases.
Refined petroleum products such as gasoline, diesel, and aviation fuel are required in vehicles, heat our homes, and fuel countless industries. India, despite being a major oil importer, is also an exporter of refined petroleum products. This helps the country in economic development, and technology advancement and reduces the dependence on imports.
By exporting petroleum products, the businesses will generate foreign currency, create jobs, and bring investment in the refining sector. Also, refining your oil reduces the dependence on expensive crude oil.
Crustaceans are crabs, prawns, and lobsters. Along with these, India, also exports honey, fish, fillets, non-fillet frozen fish, molluscs, other inedible animal products, coral and shell, raw bones, and others. However, India, with its extensive coastline and skilled fishing communities, is a powerhouse in crustacean exports.
There are other factors such as affordable production, diverse harvest, and government support contribute to the growth of this business. The demand for Indian crustaceans is driven by their exceptional quality, freshness, and competitive pricing.
India is famous for its spices, and that’s why people called India as “Spices Bowl of the World”. Along with the spices, India is also an exporter of tea and vegetable saps. Pepper is known as the "king of spices," which adds taste to global dishes.
However, India has the geographical advantage for growing spices, which makes it a leading exporter, offering affordable, high-quality pepper to the world. The market for these products is huge, as these are the essential cooking ingredients and a taste of Indian culinary heritage. Tea is the national drink of India, and nowadays many countries use it. Its multiple flavours and health benefits drive global demand, which helps in the growth of the economy.
Gems and jewellery are the symbols of status, cultural heritage, and personal expression. However, in gems and jewellery, India also exports synthetic reconstructed jewellery stones. India has a heritage of stems that help allow the export of these gems to other countries.
In the market of beauty and culture, the demand for gems and jewellery is high because of their cultural significance. For exporters, this translates to significant economic gains through foreign currency earnings, job creation in skilled craftmanship and mining sectors, and brand recognition for Indian artisans.
The leather footwear in India shows the craftsmanship which is now grown as a full-fledged business. The demand for Indian leather is a combination of traditional techniques with modern designs. This creates diverse tastes and budgets.
India's access to raw materials like hides and skins contributes to cost-effectiveness, making its footwear accessible to a wider global audience. This translates to economic growth and employment opportunities for the leather industry in India. The leather of India has gained popularity as a durable, stylish footwear for everyday wear or outdoor adventures, at competitive prices. This strengthens their retail landscape and provides consumers with a wider variety of choices.
The home decor and interior products industry in India has gained worldwide recognition for its diverse range of exquisite products that showcase the country's rich cultural heritage. However, India's competitive pricing, helps on sustainability, and skilled craftsmanship make it a lucrative market for international buyers looking to explore export opportunities. Other than handmade home decor, India exports furniture, mattresses, party decorations, and light fixtures.
India exports cosmetic products and ayurvedic products to other countries. In the market, herbal and organic products are in demand, so the companies must choose the type of products as per the type of the market. The size of the cosmetic market in India is estimated to reach approx. 7 billion US dollars. The market segment is projected to experience an annual growth rate of 2.86% (CAGR 2024-2028).
However, India has a diverse and vibrant cultural landscape, that influences its cosmetic formulations and packaging. This translates to unique products catering to a wider range of skin tones, hair types, and cultural preferences. So, the export business will create an economic benefit for the country.
Along with motor vehicle parts, India exports cars, aircraft parts, tractors and other equipment as well. These equipments help in creating a diverse automotive industry, producing components for both domestic and international markets. However, the demand for Indian motor vehicle parts and accessories is based on several factors. These factors are as follows:
To conclude, India has a diverse culture and geography, and because of that, we are the top exporters of some products in the world. The products are spices, diamonds, medicines, etc. If you want to set up your import-export business in India, then having an Import Export License is a must. So, reach out to Registrationwala, and we assist you from application to finally obtaining the license.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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