By Dezan Shira & Associates, Delhi Office
Sept. 17 – India is fast emerging as a global trade dynamo with its vast natural resources and huge supply of skilled labor. Undertaking considerable industrial deregulation and other structural reforms, regulators in India recognizes that strong exports are critical for overall economic growth and poverty reduction. As such, export-led growth has become a key driver of trade in India – one of the most important trailblazers in the recent enormous expansion of international trade.
Indian trade has grown exponentially over the past few years, with exports rising at a rate well above the pace of growth of worldwide exports. In this atmosphere, opportunities have never been greater, and starting a trading business in India has never been easier.
Establishing a Trading Business in India
Starting an export-import business with the right strategies can render a business very profitable. However, the long term success and profitability of an import business depends greatly on the importer’s knowledge and understanding of international procedures in addition to a keen analysis of the foreign and procedure-centric market in India. So, to execute a successful dive into the pool, one must follow a time-tested and exact set of steps, which are generally rigid and absolutely necessary.
Furthermore, it is important for prospective investors looking to start an export-import business in India to obtain all of the necessary information with regard to matters associated with foreign trade agreements, which thus requires a lot of preparation time.
Here is a short flowchart detailing the process below:
