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Indian Export 2017-11-02

Probable Opportunistic Areas for Startups and Entrepreneurs

Entire world turned its focus to India, as soon as India opened its gates to welcome the international market to trade in.

By Nibedita Mohanta Feature Writer

India is blessed with diverse climate, regions and soil so rich and resourceful, which has successfully brought in the entire world’s attention towards it.

Entire world turned its focus to India, as soon as India opened its gates to welcome the international market to trade in. This happened both ways, when India welcomed foreign countries to invest in India, India too pushed its best foot to make a mark globally for which it is proud of.

Here are lists of five top Indian products which are very much in demand globally, so startups and entrepreneurs who are keenly looking for opportunities to make a break through into the whole wide world of business globally can pick any:

Handicrafts:

India's handicrafts exports are expected to cross Rs 24,000 crore marks by FY 2020-21, according to a recently concluded sector-specific ASSOCHAM study.

Government facilitation for creation of niche markets for Indian products, opening showrooms and warehouses in select countries according to their current market size, import values and others are certain key suggestions to improve handicrafts exports from India.

The Government in partnership with private sector needs to encourage integrated enterprise development by providing supporting services such as local centres for skill training, product adaptation, vocational training and entrepreneurship development, suggested the ASSOCHAM study.

Agricultural products:

Agriculture plays a vital role in India’s economy. Over 58 per cent of the rural households depend on agriculture as their principal means of livelihood. Agriculture, along with fisheries and forestry, is one of the largest contributors to the Gross Domestic Product (GDP).

Agricultural export constitutes 10 per cent of the country’s exports and is the fourth-largest exported principal commodity. The agro industry in India is divided into several sub segments such as canned, dairy, processed, frozen food to fisheries, meat, poultry, and food grains.

India's GDP is expected to grow at 7.1 per cent in FY 2016-17, led by growth in private consumption, while agriculture GDP is expected to grow above-trend at 4.1 per cent to Rs 1.11 trillion (US$ 1,640 billion).

Electronic Goods:

Technological improvements and competitively cost effectiveness are main drivers for demand of Indian electronics products abroad.

The electronics market of India is one of the largest in the world and is anticipated to reach US$ 400 billion in 2022 from US$ 69.6 billion in 2012. The market is projected to grow at a compound annual growth rate (CAGR) of 24.4 per cent during 2012-2020.

Jewellery and Diamonds:

India is one of the largest exporters of gems and jewellery and contributes a major chunk to the total foreign reserves of the country.

UAE, US, Russia, Singapore, Hong Kong, Latin America and China are the biggest importers of Indian jewellery. The demand for gold in India rose by 15 per cent year-on-year to reach 123.5 tonnes during January-March 2017, according to the World Gold Council (WGC).

The overall net exports of Gems & Jewellery during April 2017 stood at US$ 3.2 billion, whereas exports of cut and polished diamonds stood at US$ 1.75 billion. Exports of gold coins and medallions stood at US$ 553.59 million and silver jewellery export stood at US$ 768.92 million during April 2017.

India has become the second largest exporter of diamonds, gems and stones to China, as total exports grew by 28.48 per cent year-on-year to touch US$ 2.48 billion in 2016, as stated by Prakash Gupta, Consul General of India in Shanghai.

Pharmaceuticals:

The Indian pharmaceutical market is expected to grow to US$ 55 billion by 2020, thereby emerging as the sixth largest pharmaceutical market globally by absolute size, as stated by Arun Singh, Indian Ambassador to the US.

India’s pharmaceutical exports stood at US$ 16.4 billion in 2016-17 and are expected to grow by 30 per cent over the next three years to reach US$ 20 billion by 2020, according to the Pharmaceuticals Export Promotion Council of India (PHARMEXCIL).

India's biotechnology industry comprising bio-pharmaceuticals, bio-services, bio-agriculture, bio-industry and bioinformatics is expected grow at an average growth rate of around 30 per cent a year and reach US$ 100 billion by 2025. Biopharma, comprising vaccines, therapeutics and diagnostics, is the largest sub-sector contributing nearly 62 per cent of the total revenues at Rs 12,600 crore (US$ 1.89 billion).

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