An HSBC global trade report published in 2014 reported that India could be among the world’s largest exporters by 2030. The country moved from rank 14 to rank 5 on the scale of the world’s biggest exporters.
India may face structural challenges in the near-term, but that is not stopping it from revving up its export engine.
Part of the growth in exports can be attributed to the weak domestic demand in the country. Over a period of two years, India’s economy has expanded by less than 5 percent. The medium-term state of the economy, however, remains optimistic in terms of growth.
Global car companies are setting up shop in the country. As a result, India is looking at a yearly increase of about 15 percent in the exports of transport equipment. Government policies have been favorable to the textile industry, and thus, its exports could go up by 12 percent each year. These estimations are calculated between the years 2014 and 2030.
Here are some other capital and skill-intensive sectors in India that are likely to experience growth in exports over the same period:
Minerals, fuels, and lubricants could grow by 8 percent
Industrial machinery and ICT equipment by 10 percent
Agriculture exports could increase by over 10 percent
Pharmaceuticals exports could go up close to 12 percent
What this means for the Asian Economy
China Import Data says China and India are among the world fastest growing markets for a variety of products and services. When it comes to exports, these two countries are in the lead.
Asian markets are expected to experience faster export growths between 2014 and 2030. In particular — China Export Data, Vietnam, Malaysia, Indonesia Export Data, and India are expected to have an annual average growth rate of 8 to 11.
These emerging markets are creating new economic competition for the already developed countries. For instance, Japan only recorded an average economic growth of 6 percent yearly. This country ranked the lowest in a 25-country economic study. By 2030, Japan will fall from the ranks of the biggest world exporters. Korea, however, is set to rise to become one of five biggest exporters to the U.S.
Trade with the U.S. and EU
The HSBC report also published that China, Vietnam, and India will grow to become the biggest exporters to the United States and European Union. China alone may account for 20 percent of all U.S. imports by 2020.
For China, India, and Vietnam, this means a rise in middle-class income. In turn, the population will grow and create more opportunities for domestic consumption which will contribute to economic growth. Indeed with India being the second most populous country as of now can outrun China by 2030 creating a vast market for traders from EU and the U.S.
For the US and EU, emerging markets could also provide an opportunity for growth, particularly in the areas of healthcare and energy. By 2030, exporting unconventional oil and gas products to countries that do not have refining capabilities could increase the energy sector of the developed countries by close to 5 percent. With all this in mind, entering and establishing your business in the Indian market is the best way to build your brand for years to come.
Can India Alter the World Economy?
The trade and financial indices of India have significantly improved in the past decade. A lot of investors are interested in Asia on account of the fast economic rise of China and India. The latter is number four in the global rank of gross national income at purchasing power parity exchange rates. In 2005, India’s total share of the global GDP in PPP was 5.9 percent. The country comes after US, China, and Japan in the rank.
The country’s contribution to global growth in 2005 was 8 percent. in the last ten years, India has gained an average of 6.4 percent in its economic growth. Over the past three years, the overall growth has been above 8 percent. From contributing 25.06 percent to the GDP in 1992–1993, the India Trade Data integration in India rose to 35.14 percent in 2004–2005. Financial integration also increased from 15.33 percent to 19.88 percent.
India is the 17th largest economy in the world. The status of the country is developing but holds a large potential to be a market leader. The country with 1.3 billion people with highest middle-class population holds a great opportunity for import and export by the developed as well as developing countries around the world. Many countries fascinated to trade with India can access the cohesive data of India import data, India Export data, Indian Customs Data, India importers data at USA import portal.
If you are importing whatever into China or exporting from China, then having an efficient list of top China traders is an incredibly significant task. With the growing competition and new business opportunities in the China trade business, people need to stay updated and well-equipped to grab the opportunities. For this, China Import Export Data is the primary source to with the useful facts and figures that will provide a clear understanding of the export that takes place each year from this country.
At USA Import Data company, you can easily figure out the name of top Indian exporters and importers. Their main traded items and contact details (Address and Phone number ) etc.
USA Import Data.com is the trustworthy platform to track every shipment, which comes in or goes out from India via sea, air, or road. We provide the latest and most accurate import export data that are based on Trade Bills, Bill of Entry, Shipping Bills, Bill of Lading, Invoices, and other import export customs documents. Through our India trade data, we create business intelligence reports that are helpful for any kind of businesses to always be ahead from competitors.
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