Here Are the Top 4 Business Partner Countries Of India
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The Indian government has been actively taking steps to transform the business landscape in the country. Recently, the government allowed 100% FDI in several sectors, including Oil, Energy and Infrastructure. Neighboring countries are increasingly showing interest in India due to its growth potential and strengthening trade relationships. Trade agreements under RCEP and G20 summit are boosting business sectors in India.
With the export of 23,479 million dollar and import of 39,200 million dollar, USA is the biggest business partner of India.
On October 21, At USISF United States India strategic partnership forum, both nations met to take measures to ensure Ease of Doing business. The meet highlighted the interests of US investors in the Indian soil.
On October 24, Union cabinet approved the proposal for Science and Technology between India and United States. Through the proposal, India and US have cooperation in terms of science and encourage the defense sector by exchanging technology transfer and safeguarding Indo-Pacific region.
China’s import in India is estimated to be 29.17 Billion dollars and export 7.70 Billion USD. Though Indo-China trade has fallen to 36.87 Billion USD due to the economic slowdown, China continues to remain one of the top 4 business partners of India.
Recently this year, PM Modi and China President Xi Jinping shared their common view about the old aged commercial linkages and people’s contact between India and China, including maritime contacts. In order to uplift it, two leaders discussed about establishing a sister-state relations between Tamil Nadu and Fujian Province and conducting research on maritime links between China and India which would in return increase employment status of the nations with the influx of capital and jobs.
UAE (United Arab Emirates)
India’s export with UAE has increased to 167.77 Billion USD compared to last year. In 2018, it stood at 162 Billion USD. UAE and India have recently signed multiple deals in oil and Energy businesses to further strengthen business ties between the two countries. Aramco is peering towards 20% stake in the petrochemical and refining business of Reliance Industries in a multibillion-dollar bargain. Saudi Arabia in its last month statement mentioned to invest $100 Billion dollars in India targeting sectors like energy, infrastructure, petrochemicals, agriculture and mining.
With 4.1 per cent of the total Indian exports and 13.2 Billion USD trade with India, Hong Kong bags the fourth position at being the India’s trading partner. Imports from Hong Kong to India increased 2.2 per cent in the April-July 2019 period to $5.7 billion from $5.2 billion in the comparable months last year. With the export figure of INR 64.43 Billion, India maintained its export business with Hong Kong in 2019.