Exporting and importing forms the basic of the international trade market that helps in the trade and commerce among various nations. Here we will be discussing about the various roles of export in India.
According to the USD exchange rate, the economy of India is in the twelfth ranking and is the second fastest growing economy in the world. But due to its huge population, per capita income comes down to around $964 nominal and hence World Bank considers India as a low income and under developed nation. The sectors of export in India are diverse that includes agriculture, handicrafts, textile, manufacturing, and a multitude of other services. Apart from these sectors, India is also coming up as a major leader in sectors such as manufacturing, pharmaceuticals, biotechnology, nanotechnology, telecommunication, shipbuilding, aviation and tourism.
Over the recent years, the sector in which India has emerged as a top exporter is software and financial services. They offer skilled and professional workers for outsourcing of customer related works and technical support. Get an idea about the financial role played by export in India:
Statistics
GDP (PPP) $4.726 trillion (PPP) (2007 est.)
$1,089.94 billion (nominal) (2007) (12th (nominal) ; 3rd (PPP) [2])
GDP growth 9.7% (2005/06)
GDP per capita $964 (nominal); $4,182 (PPP) [3]
GDP by sector agriculture: 19.9%, industry: 19.3%, services: 60.7% (2006 est.)
Inflation (CPI) 5.3% (2006 est.)
Population
Labour force 509.3 million (2006 est.)
Labour force
By occupation agriculture: 60%, industry: 12%, services: 28% (2003)
Unemployment 7.8% (2006 est.)
Main industries textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software
Trade
Exports $125 billion (Financial Year 2006-2007)
Export goods textile goods, gems and jewelry, engineering goods, chemicals, leather manufactures
Main export partners US 18%, China 8.9%, UAE 8.4%, UK 4.7%, Hong Kong 4.2% (2005)
Imports $187.9 billion f.o.b. (2006 est.)
Import goods crude oil, machinery, gems, fertilizer, chemicals
Main import partners China 7.2%, US 6.4%, Belgium 5.1%, Singapore 4.7%, Australia 4.2%, Germany 4.2%, UK 4.1% (2005)
Public finances
Public debt $132.1 billion (2006 est.)
Revenues $109.4 billion (2006 est.)
Expenses $143.8 billion; including capital expenditures of $15 billion (2006 est.)
According to the current financial year, India has earned around $125 billion foreign bucks by exporting wide variety of goods such as agricultural products, chemicals, jewellery, garments, leather goods and lots more. The countries that have export relation with India form an impressive list which includes the following names:
Russia, UAE, USA, Hong Kong, UK, Japan, Germany, Singapore, Belgium, Malaysia, Netherlands, Bangladesh, Italy, Thailand, France, Australia, Belgium.
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