Introduction to Top 13 Import and Export Business Ideas in India: The import and export of goods and services have greatly changed during the past few years. Due to the high demand for goods and services in international and domestic markets, the business is very lucrative and considered profitable. Small businesses and startups tend to prefer import-export businesses because they generate more profits.
The ‘Make in India’ campaign could increase export market share. It can be integrated into your export strategy to boost your market share. How to start an import-export business and the various aspects of an import-export business plan are the subjects of this article.
A guide to Top 13 Import and Export Business Ideas for beginners in India
Before we get into specific types of items you could import or export in this post, let’s talk about the benefits of starting an import-export company in India. As we wrap up, let’s take a look at the requirements for starting this type of business in India.
Reasons to start an import-export business in India
Several reasons make India a great place to start an export business. Small and medium-sized businesses in India are able to successfully use the import-export model due to the accessibility of inexpensive labor and materials.
In addition, India has abundant natural resources, which makes it easier to source raw materials for production. For businesses that want to export to India, it is a goldmine.
India has many opportunities to export goods, including jewelry, PPE, pharmaceuticals, and more, due to its low production costs and access to a variety of natural resources.
Business plan to start imports and exports business in India?
Take a look at the business plan to start the import and export business listed below. To get started, you will need:
1. Business Set-up: Setting up a business is the first step. In the beginning, it is advisable to use a catchy name and logo and register for GSTIN under single ownership. In order to obtain your PAN card, you need to register with the Income Tax Department.
2. Open a business bank account: Your business should have an exclusive bank account for all business transactions. An Import Export Code (IEC) is required for all products and services, with the exception of restricted or prohibited items. You can apply online for registration of IEC on the website of the Directorate General of Foreign Trade.
3. Export-Import Code (IEC): Documents are needed in order to obtain an Export-Import Code (IEC). For the first step, you will need the company’s PAN card and a copy of the company’s canceled check. OA PAN card can only have one IEC associated with an import and export authority, as well as an RCMC (Registration and Cumulative Membership Certificate), which must be obtained from the relevant Export Promotion Boards Certificate). RCMCs are awarded by approximately 26 boards for export promotion.
4. Create a website: In order for an import/export business to be networked, it must have a website or a forum. You need a platform that will allow you to establish an online presence and expand your business. You need to balance the flow of communication, sell products online (and offline), and expand your consumer base to increase profits for your international business.
List of top 13 Import and Export business ideas to start in India
In India, you can start your import and export business once you receive the IEC and RCMC and create a website. It usually takes five to seven working days to complete the release of IECs and RCMCs and to apply them to all branches/business premises across India. In order to start and maintain a virtual import/export company, you should seek the advice of an attorney, a banker, and an accountant.
1. Online Retail: Online markets such as Amazon, Alibaba, Aliexpress, DHGate, and others have been the norm for a while now. Exporters have the option of registering as vendors and communicating with consumers worldwide. Exporters and consumers are able to bridge the distance between them through the internet.
2. Niche Markets: Exporting to niche markets is another way to export goods and services. Different countries have different cultures and traditions. The handicraft products of the country are in high demand on the market. They are highly profitable, but also risky. Niche markets are not necessarily small markets. They target a specific audience and offer specific products.
Fashion trends and shoe designs, for instance. All of the clothes are not meant for general women, but for specific women. Gym clothing is another example. Those who work out regularly and are interested in fitness and health tend to wear gym clothes.
3. Clothing business: Another idea for starting an export business in India is the clothing industry. It’s possible to increase your chances of choosing a winner if you develop a knack for monitoring trends or even predicting future trends. It might be a once-in-a-lifetime opportunity to import or sell a commodity before it becomes a national best-seller.
In case if you miss this: How To Start A Furniture Export Business.
4. Jewellery business: It is a good idea to start an export business in the jewelry industry. Jewelry is in high demand in India because it is used in various cultures and traditions. Business ideas like this are profitable, and you can start one from your home without requiring too much space.
5. Leather products: Over the past few decades, India has been exporting leather products such as handbags, wallets, toys, and belts. It has been a good year for many small and medium-sized businesses in this field. The Indian medical device industry quickly emerged as a global leader, and Indian manufacturers have earned a reputation for quality and trustworthiness.
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6. Medical supplies: Different countries have different medical supplies. To treat various diseases, it is important to adopt technologically advanced medicines and diversify medical supplies. Due to India’s excellent medical supplies, importing medical supplies can be highly beneficial.
7. Electronics: Over the past decade, electronic items have become more and more popular. India imports billions of dollars worth of electronic items every year. Each day, the demand grows. That is why starting an electronic import business in India is a great idea.
8. Heavy machinery: Importing machinery is another excellent business idea. Construction and industrialization require heavy machinery. In India, heavy machinery is mostly imported from Japan and China.
Brand recognition, business growth, and revenue can be increased by entering a global market. Exporting businesses in India benefit from the ability to minimize production costs and maximize profits.
9. Clothing: Did you know that India has one of the largest textile and apparel industries in the world? This is primarily due to India’s strength in fibers, yarns, fabrics, and apparel, as well as its low manufacturing costs. In addition, cotton, which is an important raw material for clothing manufacturing, is one of India’s cash crops. The crop contributes approximately 12% to India’s export earnings.
People are spending more time at home and less time at work, leading to an evolution in the global clothing demand. These days, people want to be comfortable when working from home, so they buy athletic clothing, loungewear, and pajamas. Good footwear is also key.
Although people are still buying clothes that are meant for outside use, the demand for these kinds of clothes will likely slowly rise once offices, restaurants, bars, and clubs reopen.
10. Jewelry: There are so many minerals and gemstones that are used to make jewelry in India, so this type of product is very popular. India is home to many precious metals such as gold, copper, and garnet.
How about this: Profitable Health Care Business Ideas For Beginners In India.
Diamonds are produced in large quantities in India because of the country’s coal resources. Despite diamonds not being rare gemstones, they often carry a hefty price tag.
In addition to the United States, China, Japan, and countries in Europe, India also exports jewelry. Nearly 25% of India’s jewelry and gemstone exports went to the United States as of November 20202.
11. Mineral fuels
Mineral fuels are abundant in India, including several fossil fuels valuable around the world. The most valuable resources in India are crude oil and natural gas. In the long run, oil extraction is a very lucrative business if you have the resources to invest.
Coal is another of India’s most abundant natural resources. As well as iron ore, manganese ore, mica, and limestone, the land contains dozens of other mineral fuels.
Mineral fuels are used around the world for a variety of purposes, meaning there is a great deal of potential for export.
12. Raw ingredients
Rice and sugarcane4 are two of the most important cash crops in India due to their favorable climate. Due to their reliance on a specific climate, these crops can be harvested and sold as raw materials in any part of the world without a suitable climate.
Sugar and rice can be sold as ingredients to food manufacturers, food suppliers, restaurants, and consumers.
They have a reasonable shelf life, so transporting them shouldn’t be too difficult. It is essential to store raw ingredients in containers that do not allow them to come into contact with bugs, rodents, or other creatures. Likewise, they shouldn’t be in areas where they can absorb bad odors. It is not easy to spoil sugar and rice, but since they will be consumed, they need to be kept fresh and clean. Be sure to follow any storage and shipping guidelines mandated by the government of the country you’re exporting to.
13. Pharmaceuticals
Since we are in the midst of a pandemic and people around the world are becoming more and more ill, pharmaceuticals are more important than ever. In order to treat the symptoms of COVID-19 patients, additional drugs and supplies are required. Life-supporting equipment such as ventilators and artificial blood is in high demand.
Along with COVID-19, diabetes is a major health concern around the world. Genetic factors contribute to a portion of this disease, but it is exasperated by unhealthy lifestyles and diets. People with diabetes who do not manage it may need specialized drugs, insulin, and tools to monitor their blood sugar. It is not enough to use insulin alone to require a variety of syringes, ports, and more.
The rising demand for pharmaceuticals can be attributed to an increasing number of health issues, including diabetes. There is an increase in heart disease, cancer, respiratory diseases, and other chronic conditions.
Conclusion
If you sell to an overseas customer, your relationship shouldn’t end at that point. The relationship requires more of your attention. Import/export businesses should consider after-sales support as an essential component of their product or service offerings.
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