India has carried out a slow but steady programme of economic openness since the early 1990s. The World Bank forecasts that India will grow by over 6% in the next year and 7% in 2016.
India has removed the majority of its trade barriers. This includes:
- reduction of the peak tariff rate to 10% in 2009 from 72% in 1991
- removal of quantitative restrictions on imports in 2001, opening up the economy to foreign businesses, especially in consumer goods
Huge investment potential exists in sectors such as life sciences, manufacturing, energy, and infrastructure. India is:
- an emerging biotech leader with a growth rate of 37% per annum – one of the highest in the world
- expected to spend USD 1 trillion on infrastructure by 2017
- the fastest growing telecom market in the world
- expected to be the world’s largest vehicle producer by 2020
In recent years, India has become one of the biggest refined product exporters in Asia with petroleum accounting for around 20 percent of total exports. The country also exports: engineering goods (19 percent of the total shipments), chemical and pharmaceutical products (14 percent), gems and jewellery (14 percent), agricultural and allied products (10 percent) and textiles and clothing (10 percent). India’s main export partners are: United Arab Emirates (12.1 percent of the total exports), the United States (12 percent), Singapore (4.5 percent), China (4.5 percent), Hong Kong (4 percent) and Netherlands (3.5 percent).
Contact actiomo.com to discuss your opportunities for doing business in India: