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Increasing Demand In Import And Export In India
From the time India opened its markets in 1990-91, there has been an exponential growth in the country’s foreign trade statistics – import have increased more than 19 times and exports more than 16 times. In FY 2020-21, India’s total imports and exports figure stands at US$394.43 billion and US$291.80 billion, respectively. India is one of the largest exporters of textiles, clothing, leather goods, gems & jewellery, and spices in the world. The country is also a major importer of machinery, industrial raw materials and chemicals. With the growing demand for export and import business in India, it is no wonder that the import and export industry is among the largest industries in the country. The import and export business helps to balance the trade deficit of the country. The import of raw materials and capital goods helps in meeting the demands of the growing industrial sector, while the export of finished products and services helps to reduce the trade deficit.
12-Jul-2022, 07:16 PM