The Discernible Trends In Composition And Direction of Indian ImportsExport Management ConsultantsUpdated on May 30, 2018 View more like this | Visit India, UN | Contact Infodriveindia |
The Indian economy has changed rapidly since opening up of the economy and wide-ranging reforms since 1990. The last seventeen years have been very significant for Indian importers as the composition and direction of trade have undergone a radical change. India today does not rely on the obsolete technology but uses state-of-the-art technology to produce its goods which are not only of world-class quality but also competitively priced. But first, the machinery to produce goods needs to be imported and installed for production then only wheels of the economy move. Indeed that has helped Indian economy grow and its growth rate of over 7 percent in the last fifteen years is a testimony to that.
As Composition of trade is all about the goods and services that the country is importing and exporting. Therefore it also indicates the trends in the structure and level of economic development of a country. To put things in perspective the import-export data of all Developing countries have the same composition. They export raw materials, agricultural products, and intermediate goods whereas developed countries export finished goods, machines, equipment, and technique.
Imports of India may be divided into three parts namely capital goods, raw materials and consumer goods. The import-export data of India suggests that the country is on the fast track of development and would soon be joining the elite club of developed countries. It is no coincident that its GDP growth rate is highest in the world.
1. Capital goods typically include metals, machines and equipment, and appliances. These goods are essential for the industrial development of the country. Imports of these goods amounted to Rs.356 crore in 1960-61 which increased to Rs.26, 532 crores in 1997-98.
2. Imports of raw materials and intermediate goods include the imports of cotton, jute, fertilizer, chemicals, crude oil etc. When a country is on growth trajectory it needs to import these materials to process them and make finished items out of it, thus import of these items is a positive sign for a country. A number of raw materials and intermediate goods have to be imported during the process of economic development. These amounted to Rs.527 crore in 1960-61 which increased to Rs.13, 966 crores in 1985-86. These have indeed given a solid base to the Indian economy.
3. Imports of consumer goods also show the strength of an economy. When the economy grows its income level rise and thus a healthy demand for consumer goods grow. These typically mean import of import of, electronic gadgets, electrical goods, medicines, paper etc.
**India Export Import Data; Post 2004 as per notification no 128/2004 does not have names of Indian companies.
**India Export Import Data is available from Jan-2010 to 26th November-2016.
As Composition of trade is all about the goods and services that the country is importing and exporting. Therefore it also indicates the trends in the structure and level of economic development of a country. To put things in perspective the import-export data of all Developing countries have the same composition. They export raw materials, agricultural products, and intermediate goods whereas developed countries export finished goods, machines, equipment, and technique.
Imports of India may be divided into three parts namely capital goods, raw materials and consumer goods. The import-export data of India suggests that the country is on the fast track of development and would soon be joining the elite club of developed countries. It is no coincident that its GDP growth rate is highest in the world.
1. Capital goods typically include metals, machines and equipment, and appliances. These goods are essential for the industrial development of the country. Imports of these goods amounted to Rs.356 crore in 1960-61 which increased to Rs.26, 532 crores in 1997-98.
2. Imports of raw materials and intermediate goods include the imports of cotton, jute, fertilizer, chemicals, crude oil etc. When a country is on growth trajectory it needs to import these materials to process them and make finished items out of it, thus import of these items is a positive sign for a country. A number of raw materials and intermediate goods have to be imported during the process of economic development. These amounted to Rs.527 crore in 1960-61 which increased to Rs.13, 966 crores in 1985-86. These have indeed given a solid base to the Indian economy.
3. Imports of consumer goods also show the strength of an economy. When the economy grows its income level rise and thus a healthy demand for consumer goods grow. These typically mean import of import of, electronic gadgets, electrical goods, medicines, paper etc.
**India Export Import Data; Post 2004 as per notification no 128/2004 does not have names of Indian companies.
**India Export Import Data is available from Jan-2010 to 26th November-2016.
