India’s exports swelled fastest in 5 years by 4.7% reaching $274.65 million during financial year 2016-17, despite the demonetization drive that reportedly slowed domestic economic activities since almost a year. What’s more, it included a novelty item such as biodegradable fancy jute bags comprising Tote Bag, Beach Bag, Cosmetic Bag, Wine bottle carry Bag and many more manufactured by Kolkata based Richie Bags and a few others.
However, here is a brief description of the export picture gathered from authentic sources that have been double checked in terms of accuracy and appropriateness.
Petroleum products –
Crude oil goliaths such as Hindustan Petroleum Corporation Limited, Bharat Petroleum, Reliance Petroleum, ONGC and others have jointly contributed to the export sector of India. Although the country is heavily dependent on crude oil imports, export of oil-based products has supported the Indian economy to great extent.
The term ‘jewellery’ in the instant case includes gold, gemstones and similar materials. India consumes around 20 per cent of the global gold production and 75 per cent of that amount goes into making jewellery. The jewellery sector is also supported by banks and government policies so that the industry does not fall on its face. Around 30 per cent of Indian jewellery is exported to the United States alone. Other regions include Hong Kong, UAE, Singapore and Belgium.
Machinery and equipment –
There has been a 10.5 per cent increase in the export of heavy machinery from India during 2016-17 periods. These include automobiles, pumps, heavy machinery, building construction tools, agricultural equipment, etc.
Manufacturing bio-chemicals is a nationwide business in India. The sector contributes hugely to the national economy and is an essential part of it. Manufacturers and exporters are spread all over the country. Research facilities have also supported this sector to a large extent.
Being a research-based industry, the pharmaceuticals sector in India has witnessed expansive growth over the past few decades. Major pharma industries such as J. B. Chemicals and Pharmaceuticals Limited, Suven Life Sciences Limited, Dr. Reddy’s Laboratories, Aurobindo Pharma, Luipin, Ranbaxy, Sun Pharma, Zydus Cadila, Glowchem and Calyx play significant role in promoting the sector to the world market.
Fancy Jute Bags/Cotton Bags/Canvas Bags-
In view of the increasing awareness in opposition to the use of plastic bags, more effectively in the European Union, Indian jute carry and shopping bags exporters are shipping over millions of bags every year in that area, while trends indicate that the numbers are likely to keep rising rapidly in the coming years. Richie Bags , one of the top India jute bags manufacturer , is no doubt taking the lead, while others are following suit. It is generally believed that there is a big scope globally for biodegradable Indian jute shopping bags replacing eco-toxic plastic bags that have already done much harm to the environment worldwide. India’s export of jute bags have risen quite rapidly. As per industry estimates, India had exported millions of jute bags mainly to Europe.
The jute bag industry as well as the market is still in a nascent stage in the Indian subcontinent, while the export market is fast opening up. Needless to say, Indian entrepreneurs in this line of business feel that it is a terrific challenge that they should accept and win over. This idea mostly stems from the truth that jute is neither cultivated nor processed in any of the importing countries of the world. Besides, jute, as a raw material is cost effective, while manual labor involved in processing jute is comparatively cheaper too in India. No wonder, exporting jute/cotton/canvas bags to Western countries have become a roaring business for industries like Richie Bags & Fashions P. Ltd.