Indian exports and their expansion

India exports a variety of commodities to other countries. Some of the exported good include mineral fuels, mineral oils and products of their distillation including products like coal and oil natural , cultured pearls, precious or semiprecious stones, vehicles, electrical machinery and their equipment and parts including products like televisions and sound recorders, iron and steel, fertilizers and cotton.

UAE is one of the biggest importers of Indian commodities and is closely followed by the USA. While India exports coal to Hong Kong, it exports tea and apparels to UK. To Canada it exports ready made garments, textiles and cotton yarn while to Australia it exports gems, pearls, and jewelry, chemicals and agricultural products. Other important importers from India include Singapore, China, Saudi Arabia, Netherlands, Germany and Brazil.

Growth of an economy is directly related to exports and according to ‘Daily OJO’ export growth is important because of its effect on internal trade and economic stability. Even more, the rate of economic growth and the distribution of income and wealth in a country are closely related to export growth.  Exports as a whole affect the industrial environment. India’s GDP growth rate in exports is an important factor contributing to it.The government had earlier this year also announced several export boosting measures like extension of its interest subvention scheme to boost textile and engineering exports.

Hence it is very important for India to expand its exports and one of the steps to achieve this is to start exporting to new countries. There are 196 countries in the world. International expansion to new countries is a very important step boost exports. According to an article by Sparta Strategies the top five emerging markets for Indian exporters could be South Korea, Philippines, Indonesia, Mexico and Thailand due to the high growth rate which can be seen in these countries. India should also start exporting new goods and promote the production of indigenous goods such as exotic Indian textiles like saris and suits, organic and traditional foods, ayurvedic and homemade cosmetics and medicines should be promoted.

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