Country Guide Factsheet India YOUR GUIDE TO ONE OF THE WORLD S FASTESTGROWING ECONOMIES

Transcription

1 1 Country Guide Factsheet India YOUR GUIDE TO ONE OF THE WORLD S FASTESTGROWING ECONOMIES

2 2 Country Guide Factsheet India INDIA S ECONOMY BY SECTOR 53.8% SERVICES 28.85% INDUSTRY 17.35% AGRICULTURE 1 TOP INDUSTRY EXPORT OPPORTUNITIES CORROSION CONTROL Demand for corrosion-free materials is increasing, especially in the chemical, oil and gas, energy, shipping, and railways sectors. Protective coatings, corrosionresistant alloys, non-metallic materials, corrosion inhibitors, and cathodic protection could all do well. WATER TREATMENT India s current capacity only meets 30% of its needs, so it s a major growth area. Drinking water treatment and supply is expected to nearly double to US $9.4 billion in 2020, while industrial process and wastewater is estimated to rise 20% to US $2 billion in revenue by HEALTHCARE AND MEDICAL EQUIPMENT The Indian healthcare industry is growing fast. In-demand items include medical infrastructure, medical technology and surgical instruments, orthopedic and prosthetic appliances, cancer diagnostics, ophthalmic instruments and appliances, orthodontic equipment and dental implants. ONE OF THE FASTEST-GROWING ECONOMIES India is the world s second-most populous country, with a rapidly growing middle class. It s a large and complex market, with very different trading conditions from state to state.

3 3 Country Guide Factsheet India INDIA ONLINE Only 26% of India s population have access to the internet, but that s some 350 million people. In the next 15 years, India will see more people come online than any other country. By 2030, India is projected to be a one-billion-person digital market. 3 MOBILE INTERNET, IT S A SMARTPHONE THING Estimates predict there to be 651 million smartphone users in India by In 2017, 320 million people accessed the internet through their mobile phone, rising to 462 million in A GROWING E-COMMERCE MARKET Indian e-commerce is growing at an annual rate of 51%, the highest in the world. Its value is expected to jump from US $30 billion in 2016 to US $120 billion in ONLINE AND MOBILE SHOPPING Retail e-commerce sales in India are expected to surpass US $52 billion by Mobile shopping has also gained pace, with 49% of internet users grabbing their phones to make online purchases. This is above the 2016 global average of 38%, and second only to China. 8 INDIA IS PROJECTED TO BE A ONE-BILLION- PERSON DIGITAL MARKET BY 2030 MAJOR BUYING HOLIDAYS DIWALI FESTIVAL (October or November) DUSSEHRA (October) RAKHI FESTIVAL (August) CHRISTMAS (last week of December)

4 4 Country Guide Factsheet India I WANT TO EXPORT TO INDIA. WHAT ARE THE BIGGEST CHALLENGES? High shipping costs, import duties and complexities in returns and exchanges can cause headaches. There are also differences in culture, economy, internet usage and logistics from state to state. Research each state before you start. WILL IT DELIVER? Lack of infrastructure makes logistics an issue, but some companies are coming up with innovative solutions. Flipkart uses Mumbai s famous network of dabbawallas, or lunch-delivery people, to drop off packages. CROSS-BORDER E-COMMERCE Around 25% of Indian online shoppers buy from overseas websites. The top ten countries to buy from are: USA, China, UK, Singapore, Japan, UAE, Australia/ New Zealand, Canada, Germany and Switzerland. 9 WHAT ARE INDIAN CONSUMERS BUYING ONLINE? AUTOMOTIVE BABY SUPPLIES TOYS CLOTHING WEARABLES & ACCESSORIES FOOTWEAR THE B2B BOUNCE The Indian B2B e-commerce market is projected to reach $700 Billion by JEWELRY COSMETICS WATCHES HEALTH PRODUCTS DIGITAL ENTERTAINMENT EDUCATION

5 5 Country Guide Factsheet India TRADE REGULATIONS AND CUSTOMS INFORMATION IN 2017, INDIA JUMPED 30 PLACES IN THE WORLD BANK S EASE OF DOING BUSINESS TABLE 11 IMPORTS Importers are required to have an import declaration disclosing full details of the value of imported goods in a bill of entry format. CUSTOMS DUTY There are several factors that go into calculating customs duty, but for most goods, the duty payable is the sum of Basic Customs Duty, plus Additional Customs Duty, plus Special Additional Customs Duty, plus Customs Education Cess, plus a Customs Handling Fee. Simple really! TARIFFS There are import tariffs in place that can impede goods. For example, agricultural sector tariffs remain high. However, for nonagricultural goods India has made considerable progress in restructuring its tariffs. LICENSING The majority of import items fall within the scope of India s EXIM Policy regulation of Open General License (OGL). This means they are deemed to be freely importable without restrictions and without a license, with some exceptions. IMPORTANT COUNTRY GOVERNMENT ENTITIES Ministry of Commerce and Industry Central Board of Excise and Customs Confederation of India Industry I M READY FOR CROSS- BORDER TRADE WITH INDIA, WHAT NEXT? Take advantage of our business expertise and open an account with DHL Express. Visit our website here and we ll be delighted to help. REFERENCES paypal-report/