12 Sep Why you should be exporting to India
India is one of the fastest growing economies in the world. The UK exported goods worth £6.35 billion to India and services valued at £2.24 billion in 2014, and the UK is the third largest investor in India.
It’s a very large country made up of 29 different states and 7 union territories. The market varies widely across its many different regions and states.
India is a market which requires a lot of patience and a long-term strategy to be successful.
There are several reasons to choose India as an export destination:
- English is widely spoken
- a common legal and administrative history
- rising personal incomes creating a new middle class consumer market
- fast-growing economy with one of the world’s largest youth populations
- expanding emerging cities with more than 50 cities now over a million people
Industries importing into India
The top 10 industries importing into India are:
- mineral fuels and oils
- gems and precious metals
- electrical machinery and equipment and parts
- machinery, mechanical appliances, reactors and boilers
- organic chemicals
- iron and steel
- animal or vegetable fats and oils
- medical, optical, photographic, measuring, precision, medical or surgical equipment
Of course exporting into India does come with some challenges. To find out more information about the challenges contact us at Logicom Hub