Export business plays an important role in the economy of the country. A healthy balance, a sustainable development with trade and foreign exchange reserves to maintain the country’s export growth and economic power; it should be a constant and high rate. Exports as a whole affect the industrial environment. To compete internationally, the industry standard for quality products, competitive price, good packaging, good quality, health and environment safety etc, which is important for overall industry. For export as a national priority for government and private sectors recognized by all agencies to exports, export growth is to maintain high rates. Partnership between public, private sectors & government sector, export procedure, the better foreign direct investment (FDI), especially in the manufacturing sectors, the results at all levels should be.
Exports as a motivating force to act fast developing Indian economy. India an important player in the global market can make. Exports during March 2017 have shown a significant growth of 27.59 per cent in dollar terms valued at US$ 29232.05 million as compared to US$ 22911.74 million during March,2016. In Rupee terms, during March 2017 exports were valued at Rs. 192571.13 crore as compared to Rs. 153558.85 crore during March,2016, registering a positive growth of 25.41 per cent..
India’s GDP growth rate in exports is strong factor contributing to country’s GDP increases constantly day by day in terms of population after China the second largest country in the world. India’s economy has performed well in recent years after the country began to open the door of globalization & liberalization policy in 1991. India’s exports enter the WTO since 1995 has doubled. India lost its fastest-growing major economy in the fourth quarter of year 2016-17, with GDP growth coming in at 6.1% compared with China’s 6.9% in the same period, this is fantastic grow in GDP development.
Total exports of goods and commercial services, India’s share in the world is up 0.86 percent in 1995 from 0.61 per cent in 2001, total imports of goods and commercial services in the world, the country’s stock 0.99 percent from 0.78 percent increase.
In Year 2016-17, the Cumulative value of exports of India from April-March 2016-17 was US$ 274645.10 million (Rs. 1841314.39 crore) as against US$ 262290.11 million (Rs. 1716377.99 crore) registering a positive growth of 4.71% in Dollar terms and positive growth of 7.28% in Rupee terms over the same period last year.
Non-petroleum and Non Gems & Jewellery exports in March 2017 were valued at US$ 21420.91 million against US$ 17071.00 million in March 2016, an increase of 25.5 %. Non-petroleum and Non Gems and Jewellery exports during April – March 2016-17 were valued at US$ 200557.90 million as compared to US$ 192423.94 million for the corresponding period in 2016, an increase of 4.2%.
The growth in exports is positive for all major economies, USA(8.99%),EU(9.27%) ,China(7.85%) and Japan(4.48%) for January 2017 over the corresponding period of previous year as per latest WTO statistics.
India’s trade usually last two decades, a faster growth rate than GDP growth. Since 1991, especially with liberalization, India’s economy has boosted the importance of international trade.
As a result of international trade to GDP ratio has gone from 14 percent in 1980, in the late 1990s to about 20 percent. Given the trends of globalization and liberalization to the openness of Indian economy is expected to grow further in the coming two decades. In 2020 India’s trade and more precise magnitude of India’s national income ratio will be determined by a variety of factors, now we are expecting 3 digits exports growth plan in merchandise and services exports.