The Indian export business has been growing steadily for the past several decades. Indian exporters have succeeded in taking the export business to an international level.
Factors Contributing To the Growth of Export Sector
Several factors have contributed to the growth of export business in India. The growth of Small and Medium enterprises is one of the most important factors that have led to an increase in the export of the country. Most of the indian exporters include the SME sectors which have grown tremendously during the past several years.
Some of the most important and profitable sectors in the export business include textiles, chemicals, telecommunication hardware, food grains, iron and steel, consumer durables and electronics. India is second largest exporter in the world next to China.
Another important factor that has led to the acceleration of exports is the online business to business web portals. The use of business directory by the Small and Medium enterprises has led to a global exposure of products and services.
Today Indian exporters can easily find markets for their products through online portals. The small enterprises found it difficult to reach the target audience but with the use of the b2b directories, these industries are able to showcase different products and services in the global markets, make better and faster transactions and have an in depth knowledge about market situations.
Indian exporters have a healthy competition with neighbouring countries which has further led to the growth of export sector in the country. The government has created new opportunities by introducing several policies to augment the export sector. By the year 1990, government introduced liberal policies to boost the export business in India. The introduction of various trade policies have led to a substantial flow of foreign currency.
Some of the Important Export Products
The Indian exporters maintain cordial trade relations with neighbouring countries. Majority of the commodities produced in the country are exported to foreign countries. Some of the most important and notable commodities include:
* Iron and steel: India is the leading exporter of iron and steel to different countries all over the world.
* Leather products: leather products like shoes, bags and belts are exported to different countries on large basis. It is one of the most profitable sectors of the Indian economy.
* Textiles: another sector that contributes to the GDP of the country is the textile industry.
* Chemicals and pharmaceuticals: India is the leading exporter of various chemicals and pharmaceuticals. The export of petroleum has also increased during the past several years.
* Readymade garments: Indian exporters are well known for their readymade products in the international markets. Indian dresses and fabrics have immense appreciation all over the world.
* Jewellery: Indian jewellery has craved a niche in the global markets with its unique blend of traditional and contemporary styles.
* Dairy products: a leading exporter of milk products and eggs, the current census show a considerable increase in the export of dairy products.
The growth of SMEs and the use of business directory have led to a notable growth of the export sector of the country in many ways. Today the country is a leading exporter of many commodities in the international market.