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In recent years, people are likely to
associate India as a growing center for outsourced labor. When you
need to contact support for your computer, credit card account or
other product, you are likely patched through to a call center in
India. It is not unusual for Western companies to employ cheaper
labor overseas, but it also wouldn't be fair to dismiss India as a
nation that relies solely on supporting global companies in this
manner. With a gross domestic product estimated at $1.5 trillion,
India ranks among the top ten global economies and enjoys healthy
product trade relationships throughout Asia.
Historically, people may identify India
as a third-world nation. Often the media presents images of the
populous lower class, though in recent years India has emerged as one
of the fastest growing economies in the world - it stands as part
of the BRICS groups of rising nations in global trade, working to
remain strong despite recent financial problems and natural disasters
that threatened agricultural production.
Major Exports of India
India counts among their top trading
partners the United Arab Emirates, Saudi Arabia, Germany, China, and
the United States. The majority of exports are shipped to the US and
UAE, with China a distant third. While the bulk of India's
agricultural production remains domestically distributed, the country
still has much to offer for trade. Exports most in demand include:
Petroleum Products - Refining
of crude oil from the Middle East and consequent exporting of product
accounts for about fifteen percent of India's total GDP.
Iron and Steel - Steel and
iron production has been part of the Indian economy since the early
20th century, before their independence from Great
Britain. Coupled with iron ore mining, this industry comprises a
large percentage of the nation's exports.
Vehicles - While not a
well-known automobile in the United States, the Indian-made Tata Nano
is considered one of the least expensive models on the automotive
market. Growing interest in fuel-efficient cars may make this a hot
commodity in the future.
Apparel - After agriculture,
textiles offer one of the largest sources of employment in India.
Approximately one-fifth of the nation's total exports are
apparel-based.
Major Imports of India
As a largely agricultural nation, India
naturally relies upon major import partners like China and Saudi
Arabia for the raw materials needed to produce what is exported.
Crude oil, machinery for refinement, and fertilizer for crops rank
among the highest demand imports.
One can expect to see India grow in
domestic industries like telecommunications and textile and food
processing in the near future. With a labor force approximately half
a billion people strong, India's influence on global trade will
leave a lasting impact.