India Commerce and Industries

India is one of the favorite destinations for the people all over the world. Venture capital firms have established their brands and identities in various parts of India and have invested crores. New players are also entering in the market for opportunities.India today is leading in the forefront as a global resource for industry in manufacturing and services. The English speaking population with high technical skills added to ever increasing disposable income has made India emerge as a most sought after destination for the global industry.

[caption id="attachment_699" align="alignright" width="343" caption="Madras Port, with buildings on Rajaji Road in background."]Madras Port[/caption]

One can find numerous investment opportunities in the diverse sectors of India. The Government of India is committed to attract foreign investors as foreign trade has helped India's economy growing at a faster pace. Engineering goods, ores and minerals, chemicals, gems and jewellery, textiles, handicrafts, carpets and petroleum products are some of India's exports which have increased in the recent years. For the consumption of the domestic market, fertilisers, cereals, edible oils, newsprint and petroleum products are some of the imports.

Special Economic Zones (SEZs) have been identified for economic growth supported by quality infrastructure and attractive fiscal package. In SEZs, manufacturing or service activities have been allowed and no licence is required for import. The SEZ scheme have brought huge flow of investment and created a number of employment for the youth of the country. Some of the companies and multinationals have already gained from this scheme. Nokia, Flextronics and Mahindra have established their SEZs in Tamil Nadu.

India has trading relations with almost all major trading countries and geographical regions and the growth for exports, imports and re-exports have been increased in the recent years.

Customs duty have been brought downwards on chemicals and petrochemicals like halogens, sulphur, carbon, hydrogen, and methanol etc.

The govt. has also entrusted the Oil and Natural Gas Corporation Limited (ONGC) and Oil India Limited (OIL) with private partenerships in exploration of oil and natural gas for refining, marketing, distribution, import, export and conservation of petroleum products.

Food processing has been identified as a major industry with potential of creating employment. With better utilization of agricultural produce, minimizing wastage in the food processing chain by use of modern technology in the industries, making use of R&D, the govt. aims to attract investment to this sector.

The main features of the industrial policy of the Government of India are to maintain a sustain growth in productivity to make India compete in the world economy and play a leading role in the global arena. This is also to be achieved with optimal utilisation of human resources to creat more employment opportunities. India’s policy also aims at attracting Foreign Direct Investment (FDI) by liberalizing the policies. Sectors such as insurance, tea plantation, defense etc. have been opened for FDIs.

The policies of doing business in/with India have also been liberalized.