We can talk about the top 10 export businesses in India because of the country’s strategic location. India shares its borders with China, Pakistan, and Bangladesh, which are highly populated trading partners. In the following decades, the Indian economy boomed incredibly. The markets have expanded with a significant rise in exports. Many importing countries are highly dependent on India for specific goods.
The export businesses currently blooming in India include petroleum products, jewellery, sugarcane, and many more. Are you planning to start a new export business but are doubtful about which product to invest in? After this article, we are sure this question will not bother you anymore.
List of the best export businesses in India
- Precious Jewellery
India is well known for its jewellery and precious stones. There are innumerable markets importing gold, silver, semi-precious stones, precious gems, etc. To get into the export business of such a lucrative market, you should have an in-depth knowledge of precious jewellery. Even a minor difference can create a major fall in cost.
- Mechanical Equipment
India leads the manufacturing sector of mechanical appliances. Countries of South America, Asia, the Middle East, and Africa import tractor-driven and self-propelled harvesters that are of Indian origin. The experienced experts have bid that this import-export business of mechanical equipment in India will rise higher shortly.
- Petroleum Products
Charcoal, coke, wax, and many other semi-products are formed from petroleum. Developing countries such as Bangladesh, Bhutan, Myanmar, Nepal, etc., highly depend on importing these products. Thus, an export business of petroleum products in India will be highly profitable. However, this industry demands heavy investment as well.
- Pharmaceutical Products
India’s pharmaceutical supplies are expected to reach unprecedented heights in the upcoming years. More than 8,100 drug production facilities are available in the country. Exports that are in high demand include active ingredients (APIs), biopharmaceuticals, and finished drugs (FDFs). India is leading the world in pharmaceutical factories says research. Hence, having a pharmaceutical and drug products export business is a highly profitable field. Even if you are a small exporter, this will turn out to be a lucrative export business for you.
- Mineral Fuels
Due to India’s geographical location, the country acquires around 87 types of minerals. Among the various types, iron ore is the highest exported mineral. The advantage of having a mineral export business in India is that the market has a constant demand. Exporters of minerals don’t have much threat of an unpredictable demand-supply curve.
- Dairy Products
India enjoys a significant amount of profits from its dairy-based exports. Western markets demand milk produced from Indicine cattle. Exporters sell these products at a cost that is around four times the cost of local products. These products have a short shelf life and require a keen eye on storage and packaging.
India enjoys an export monopoly in the textile industry. Even the Government of India encourages and supports Indian textile exporters. There is a constant demand for Indian textiles in the UK, US, UAE, etc. The market for natural and artificial fibres exported from India is broad. Cotton is a textile always in high demand. Recently jute has also been among the favourites of the importers.
- Organic Chemicals
Among the most exported Indian products, organic chemicals secure an important position. The export businesses in India enjoy enormous benefits and opportunities in the sector. Agrochemicals, inorganic and organic chemicals are exported from India to countries in South America, Africa, Europe, and Asia.
- Homoeopathy and Ayurvedic Medicines
The Western world has recognised India as one of the biggest exporters of alternative medicines. Indian exporters have to gain in-depth knowledge of the variety and demands of such medicines. Afterwards, this business demands very little investment and gives incredible returns. The competitive prices are lucrative and exporters enjoy enormous gains.
- Leather and leather Products
India comes among the leading exporters of leather and its products. Leather products such as purses, cricket balls, coats, shoes, etc., have a very lucrative market. The US and European markets have been importing Indian leather goods for ages.
If you want to gain experience, you can export to small countries because the level of competition will be comparatively low.
After this list of top ten export businesses in India, you should know the benefits of the Government of India to exporters. The Government of India has introduced Foreign Trade Policies to simplify the import-export process. Export House Certificate or the Status Holder Certificate is one of the schemes by the Government of India. The Export House Certificate aims to boost export performances. As per the scheme, exporters are allotted status holder positions according to their export performance.
You can seek guidance from experienced DGFT consultants willing to offer their expertise for your benefit. They advise you and try their best to ease the application and documentation process. Having a trusted DGFT consultant by your side helps to enhance your export business rapidly.