India is a developing country that has had many economic expansions since independence. Over the years, one of the most significant subjects that has been addressed on international forums is the contribution or function of exports in a country’s economic progress. There are a variety of import export courses online, and if you take them, you will see how vital export is for a rising country like India. Not all nations can export, but those who can or have the resources to do so should do so since it aids in the rapid growth of their economies. This has been the result of all previous disputes, and many economists have agreed that a country’s increasing exports will undoubtedly boost its economy.
The business of exporting goods in India is still not explored to its fullest and still has immense scope, opportunities and benefits if done properly. With our growing economy, manpower and the government’s initiatives like “Make in India” and “AtmaNirbhar Bharat” we can definitely become one of the largest exporters in the world in the years to come.
Export Incentives in India
There are certain benefits that are provided by the government as an acknowledgement for bringing in foreign exchange to the country and those benefits are called export incentives. These incentives are provided as foreign exchanges in the country are a huge boost for the domestic economy and help in boosting exports as well. These benefits can be subsidies that lower export prices, tax concessions and duty exemptions, credit facilities such as low cost loans, financial guarantee etc.
These incentives listed above are highlighted in a document called foriegn trade policy which acts like a set of rules and guidelines for the import and export of goods and services in the country. In India, the Directorate General of Foreign Trade who works for the ministry of commerce and industry formulates and implements the import export policies and decides the export incentives.
Importance of export trade
As discussed above, the importance, scope and benefits of export trade in India is huge and if you want to take it as a business and have the potential to give your best, it can be extremely beneficial for you. Exporting goods might seem a bit difficult for some businesses to take up initially but once they start and get to see the benefits, everything becomes worth it. Before getting into the business, it is extremely important to strategise everything well in advance so that you are prepared for every situation. It is very important to know your product and services and select the right country for exporting them accordingly. Many new business think that only China and the US are the only two countries for exporting goods and they fail to explore opportunities in other countries
Finding the right market for your goods
As said above, you must not go with what other businesses are doing but focus on your products and try to find the right market for it. Just like every business and product is different, their target markets differ as well. There is a huge demand for Indian products in the foreign markets across the world and you need to build contacts in other countries and find out the potential importers to deal with.
Do not aim for bigger profits initially, rather try to build a solid relationship based on trust because trust is what matters the most in this business. Once you are settled and start to understand the business, you can always explore more with time and experience