The role of import on trade and industrialization in India is important in the growth of the economy of India. The GDP of India is growing at a rapid pace. The Gross Domestic Product of India has witnessed a growth of 9.4 % in 2006 -07. India is going to emerge as a key player in the world economy.
About Role of Import on Trade and Industrialization in India:
The goods that are imported to India help in the development of the industries. The process of obtaining the licenses for import are also very easy in India. The industries of India require certain substances that are not present in large quantities. India imports certain materials that are required by the manufacturing sector.
The manufacturing sectors of India are immensely benefited by the import of the raw materials that are required for manufacturing the goods.
Some of the items that are imported by India are chemicals, minerals, oil, iron and steel etc.
The industries are able to enhance the production of the goods to meet the unprecedented demands. The industries are able to manufacture abundant goods catering to the growing demand in the market. The industries should import the exact amount of the goods as per the requirement.
The industries import the goods in such a way that there are no surplus goods.
The industries of India are thriving at a rapid pace because of the import of goods. Some of the countries from which India imports goods are USA ,UK, European countries etc.
The industries consider a number of factors before importing. The margin of profit that is incurred by the industries is also taken into account by the importers.
The amount that has to be spent for importing from a particular country is also analyzed by the industries.
The globalisation and the liberalization of the Indian economy has resulted in the sustained economic growth of India.
India's economy is also generating a lot of revenue from the manufacturing sector.
India, with the teeming millions, require a lot of raw materials for bringing about the process of industrialization. The import of various items to India is carried out with the imposition of minimum excise duty.
The business relationship between various countries across the world for importing is opening a wide vista of opportunities for India. The import of certain materials are helping in the growth of industries in India.
The industries even export the goods that are manufactured in India to other countries from whom they are importing.
The excise duty is diminished in sectors like iron and steel to facilitate import of goods. The industries are also benefited because they can import various materials at a very low price.
The economy of India is growing by leaps and bounds.
