India is among the fastest growing economies in the world, sometimes on the cusp of leading the pack that consists of the United States and China. India’s export market had for long been a major contributor to its economy, that made it one of the leading exporters worldwide.
India’s strong diplomatic ties with major countries around the world has allowed for profitable trade over the years. Among the ASEAN countries, Indian exports to Singapore was the largest. The single leading country receiving the largest share of Indian exports, on the other hand, was United States.
India’s major exports included petroleum products, gems and jewelry, and drug formulations. Additionally, the value of the various types of machinery India exported was valued at over 29 billion U.S. dollars. Other major exports include spices, tea, coffee, tobacco in agriculture, along with iron and steel. In the IT industry, IT services had the largest export revenue in fiscal year 2019.
The systemic development of infrastructure by successive governments could be one the primary reasons attributed to the progress made by India’s economy over the years. Better connectivity directly translates to easier transportation of goods, which in turn makes the task of exporting them simpler. In 2018, India’s many airports handled nearly 143 thousand metric tons of freight moving in and out of the country. Despite these developments, India’s export market has not been as steady in recent years. Recent months had witnessed a six-year slump in GDP growth with increased unemployment, putting pressure on the ruling government and on the country’s economy.