Starting an export business in India is rather a brilliant idea, given the negative national trade balance we get a lot of subsidies for starters. Exporting is now exponentially less compared to imports, making it a lucrative business to do in India. There are myriads of goods and services that India excels at. We have curated some amazing products you can start exporting.
All you have to do is register your own company under the Ministry of Corporate Affairs and open a current account to operate with foreign capital. Get your 10 digit IEC from Directorate General for Foreign Trade. The IEC is mandatory to start importing or exporting.
1. Polished Diamond Jewellery:
India is the world-leading hub for polishing rough diamonds. India imports rough and uncut diamonds from all across the world and export cut and finished diamonds. Low-cost labour is one of the main advantages of polishing diamonds in India. The only disadvantage to this is that it requires quite a lot of capital and investment, and knowledge in this field. Learn about diamond polishing and then get into this business, you definitely won’t regret the idea.
2. Handmade articles
India is a significant hub for artisans and handmade articles. Right from garments to pottery, there are a plethora of articles that Indians are seasoned at. With the right kind of exposure to the global market, these artisans can make their livelihood better. This is where you can play a role, connect these artisans with the global market or act as a middle man and start exporting these handmade articles and make a profit for yourself too.
3. Spices & Tobacco
Spices and condiments from India are famous all over the world and demand for Indian spices keep increasing every year. This makes it a brilliant commodity to start exporting. Exporting tobacco is another profitable export business idea. The only thing you need to look into is the laws of specific countries. Tobacco is restricted in a lot of countries, so you need to do your groundwork before exporting tobacco.
4. Garments
India is a known destination for many global brands for their bulk production. This apparently means that we are experts in the field. Our labour cost and availability of premium fabrics at low cost make India one of the world leaders in exporting garments. So this is a sure-fire business model for you to consider.
5. Beverages (tea & coffee)
Tea and coffee plantations are done in abundance in India. The weather in India also conduces the growth of coffee and tea. Demand for coffee and tea is very high across the globe. All you have to do is do your research, find the countries with high demand – some countries would prefer coffee to tea and start exporting them accordingly.
6.0Cotton Yarn
Mumbai and Coimbatore are leading producers of cotton in India. The weather is highly conducive for the growth of premium quality cotton. India is a major producer of premium quality yarn and the demand for cotton yarn is high in countries like the USA, the UK, China, and Japan.
