Over the past few years, there has been a significant increase in both goods and service imports and exports. Due to the significant demand for goods and services in both the domestic and international markets, it is very profitable. To increase their profitability, a lot of small and new enterprises start export-import operations. In fact, there’s also an increase in import export courses online where entrepreneurs can learn about the tricks of the trade. The “Make in India” initiative might aid in boosting exports. Here’s a list of ten ideas that can help you to start the venture –
For export business
Clothing
Did you know that India is home to one of the largest global textile and clothing industries? India’s strengths span the entire value chain, from fibre, yarn, and fabric to garments, and its competitive manufacturing costs are the main reasons for this. Cotton, a crucial basic ingredient for a lot of the apparel industry, is also one of India’s cash crops. Currently, it accounts for 12% of the nation’s export profits.
Jewelry
Since so many minerals and gemstones are utilised to create jewellery, this type of product is very popular in India. Some of the most often discovered precious resources in India include garnet, copper, and gold. India produces a lot of diamonds since the country’s coal reserves are so extensive. India’s main export destinations for jewellery are the US, China, Japan, and European nations. Nearly 25% of India’s exports of jewellery and gemstones were to the United States as of November 2020.
Mineral fuels
India has an abundance of different mineral fuels, including several valuable fossil fuels. The most important Indian resources are natural gas and crude oil. Starting an oil extraction business requires millions of dollars, but it may be quite profitable if you have the funds to get started. Numerous additional mineral fuels, such as limestone, mica, iron ore, and manganese ore, are also present in pockets. There are several opportunities for export because of the wide range of uses for these mineral fuels in different parts of the world.
Raw ingredients
Due to India’s favourable environment, two cash crops are sugarcane and rice. Rice and sugar can be sold to companies that make processed foods, or they can be sold as ingredients to food suppliers, eateries, and customers. Transporting these goods isn’t too problematic because they have a respectable shelf life. To learn about the required standards for storage and shipping, consult the federal rules.
Pharmaceuticals
Since we are in the midst of a pandemic and people all over the world are becoming sicker, pharmaceuticals are more crucial than ever. In addition to COVID-19, diabetes is a significant problem worldwide. Just the insulin itself necessitates the use of numerous ports and syringes and can be a wise export business idea.
Fish
India has a vast amount of inland waterways with equally outstanding fish production, as well as a long coastline. In actuality, India is one of the world’s leading fish producers and is home to over 400 species of fish. You might sell your fish as an exporter to eateries, markets, or foreign distributors.
For import business
Electronics
Over the past ten years, the usage of electronic gadgets has become more widespread over the world, and Indians have followed this trend as well. Each year, India imports electronics worth billions of dollars. The majority of these goods originate in China.
Heavy machinery
Heavy equipment is yet another significant import for India. Construction and industrialization use these huge instruments. The majority of heavy equipment is imported from China and Japan. Currently, the value of this import sector is at $20 billion.
Plastic
Even though the prime minister of India is trying to decrease the usage of plastic, it is still one of the most popular imports at the moment. Numerous household items and packaging for goods are also made of plastic.
Medical supplies
Different nations have different medical supplies. It is essential to apply contemporary, technologically advanced treatments and a variety of medical materials to cure various illnesses. Since some of the world’s best medical supplies are produced in India, importing medical products could be quite advantageous.
