Whenever rising nations are discussed, the first name that comes to mind is that of China. In spite of the fact that this is the case, India has quietly been making a lot of headway as well, with the South Asian nation rapidly gaining an ever larger share of global trade with all things having been considered and taken into account. This is happening despite economic pressures that are destroying industries around the world.
With all of that having been said and now out of the way, it is important to note that India’s tech sector in particular has been seeing a ton of growth. According to India’s Minister for Commerce and Industry, India’s overall exports are set to cross the $750 billion mark by March of this year. That’s up about 11% from the numbers that were seen in the previous fiscal year.
Out of this total, over $125 billion will come from IT and telecom exports alone. Nearly $70 billion will also be coming from the export of petroleum products, with an assortment of other business related exports bringing in just under $59 billion.
India has also made a stunning recovery from the disastrous pandemic, and this makes it seem like India will become a global superpower faster than might have been the case otherwise. The nation’s international trade to GDP ratio currently sits at around 45.3%.
One thing to note here is that this is still well short of the 60.6% of highly developed countries, along with the 56.5% proportion seen in the rest of the world. What’s more, India’s total trade volume as a proportion of its overall GDP is also far lower than the approximate 57% high that was seen back in 2010.
However, India has been catching up a lot faster. That is important because of the fact that this is the sort of thing that could potentially end up allowing India to further boost its economy. It’s safe to say that its burgeoning IT industry is at the heart of all of this growth.
Its trade to GDP ratio has been growing faster than that of other countries, which can do a lot to give the nation a leg up in the future. It will be interesting to see where things go from here, since India’s transition from a developing economy to a service based developed economy has been pretty successful so far.
Whether or not this growth can be maintained remains to be seen. India’s still nowhere close to its own highs, and things will only become more apparent once it crosses that threshold and takes its place among the most powerful nations of the world.
Sources: Statista / 2
Read next: These Countries Are Now Seriously Indebted to China
With all of that having been said and now out of the way, it is important to note that India’s tech sector in particular has been seeing a ton of growth. According to India’s Minister for Commerce and Industry, India’s overall exports are set to cross the $750 billion mark by March of this year. That’s up about 11% from the numbers that were seen in the previous fiscal year.
Out of this total, over $125 billion will come from IT and telecom exports alone. Nearly $70 billion will also be coming from the export of petroleum products, with an assortment of other business related exports bringing in just under $59 billion.
India has also made a stunning recovery from the disastrous pandemic, and this makes it seem like India will become a global superpower faster than might have been the case otherwise. The nation’s international trade to GDP ratio currently sits at around 45.3%.
One thing to note here is that this is still well short of the 60.6% of highly developed countries, along with the 56.5% proportion seen in the rest of the world. What’s more, India’s total trade volume as a proportion of its overall GDP is also far lower than the approximate 57% high that was seen back in 2010.
However, India has been catching up a lot faster. That is important because of the fact that this is the sort of thing that could potentially end up allowing India to further boost its economy. It’s safe to say that its burgeoning IT industry is at the heart of all of this growth.
Its trade to GDP ratio has been growing faster than that of other countries, which can do a lot to give the nation a leg up in the future. It will be interesting to see where things go from here, since India’s transition from a developing economy to a service based developed economy has been pretty successful so far.
Whether or not this growth can be maintained remains to be seen. India’s still nowhere close to its own highs, and things will only become more apparent once it crosses that threshold and takes its place among the most powerful nations of the world.
Sources: Statista / 2
Read next: These Countries Are Now Seriously Indebted to China
