Cumulative value of exports for the period April-March 2016-17 was USD 2,74,645.10 million (Rs 18,41,314.39 crore) as against USD 2,62,290.11 million (Rs 17,16,377.99 crore) registering a positive growth of 4.71 per cent in Dollar terms and a positive growth of 7.28 per cent in Rupee terms over the same period last year. Exports contribute around four per cent to India's gross economic output.
India's main export products are cotton, textiles, jute goods, tea, coffee, cocoa products, rice, wheat, pickles, mango pulp, juices, jams, preserved vegetables etc. India exports its goods to some of the leading countries of the world such as UK, Belgium, USA, China, Russia etc.
During 2014, 10 commodities were exported the most and fetched foreign currency for India.
Here are the top 10 commodities that are exported from India.
1 Petroleum products:
Oil-based products and crude oil giants such as Hindustan Petroleum Corporation Limited, Bharat Petroleum, Reliance Petroleum, ONGC and et al have contributed largely to the export sector of India. Although the country is hugely dependent on oil imports, export of oil-based products has supported the economy to a large extent.
2. Jewellery :
The term 'jewellery' here includes gold, gemstones and similar materials. India consumes around 20 per cent of the global gold production and 75 per cent of that amount goes into making jewellery. The jewellery sector is also supported by banks and government policies so that the industry does not fall drastically. Around 30 per cent of Indian jewellery gets exported to the United States alone. Other such countries include Hong Kong, UAE, Singapore and Belgium.
3. Automobile :
From 2008 to 2013, the Indian automobile export sector has seen a rise 17 per cent, one of the fastest economic growths that has ever taken place in the sector. Being one of the leading steel producers in the world, India invests largely on the automobile sector and its export.
There has been a 10.5 per cent increase in the export of heavy machinery from India. These include cars, pumps, heavy machines, building construction tools, agricultural equipment and so on.
5. Bio-chemicals :
Manufacturing bio-chemicals is a nationwide business in India. The sector contributes hugely to the national economy and is an essential part of it. Manufacturers and exporters are spread all over the country. Research facilities have also supported this sector to a large extent.
6. Pharmaceuticals :
Being a research-based industry, the pharmaceuticals sector in India has seen a huge growth over the past few decades. Major pharma industries such as J. B. Chemicals and Pharmaceuticals Limited, Suven Life Sciences Limited, Dr. Reddy's Laboratories, Aurobindo Pharma, Luipin, Ranbaxy, Sun Pharma, Zydus Cadila, Glowchem and Calyx play a huge role in promoting the sector to the world market.
7. Cereals :
India is one the leading exporters of cereals and the second largest producer of rice. Being an agriculture-driven country, India depends largely on its produce of cereals and so does the importer countries such as Iran, Saudi Arabia, Indonesia, UAE and Bangladesh.
8. Iron and steel:
Before Independence, India used to depend on its import of iron and steel. But now, the country has gone through such an industrial growth that it has become the fourth largest steel producer in the world. Steel tycoons such as TISCO, IISCO, Bhilai Iron and Steel Centre, and Visweswaraya Iron And Steel Limited play a major role in the iron and steel export from India.
Textile is India's trump card when it comes to exports. India tops the chart in jute production and also holds 63 per cent of the global market share in textiles and garments.
When it comes to manufacturing electronic equipment, India is still seen as an importing country. However, the export part of this sector thrives silently yet largely. India has the third largest pool of electronic scientists and engineers and the domestic demand of electronic goods propels the industry to grow faster and stronger, making export all the more important.
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