The economy of India stands at eleventh in the World and is one of the fastest growing economies in the past 10 years. This growth is primarily due to a rapid increase in the size of the middle class consumer, a large labour force, growth in the manufacturing sector due to rising education levels and engineering skills and considerable foreign investments. A major attributing factor to this growth is down to India’s exports which amount to 22% of the countries GDP.
India’s major export partners are rather unsurprisingly the EU, US, UAE and also China who have experienced their very own and perhaps more widely publicised boom in recent years. Indian exports reached an all time record high of $30.4 billion in the month of March 2011.
Jewellery and Gems:
One of the country’s leading export items is jewellery and gems, which accounts for 16% of exports. Diamonds account for the largest amount of jewellery exports with the US, UAE and Belgium some of the top partners in the diamond trade. India was a late entrant to the global jewellery market and its industry took off after establishment of the export processing zones in 1990. It has taken the country quite a few years to incorporate international designs and styles but the future looks good as long as new markets can be found.
Apparel and textiles:
As one of the earliest industries to come into existence in the country, the apparel and textile industry accounts for a huge 30% of India’s total exports and is the second largest employment creator after agriculture. Ready made garments account for 45% of the industry’s exports but the entire industry is struggling due to the rise in value of the rupee.
India’s export partner’s for agricultural products is comfortably the most diverse of any industry. Historically tea has been the biggest and most famous Indian agriculutural export but nowadays the APEDA products demand the largest export share with rice, bovine cuts and onions being the most popular.
With the invention of small trade over the internet via popular sites such as Amazon and EBay, the end consumer can now get their hands on Indian exports much cheaper by effectively cutting out the middle man and buying directly. Ensure you take advantage of the rewards on offer by using your American Express Card when buying online.