Today, with more than 1.3 billion people and a GDP of 2.597 trillion USD (2017), the Republic of India is one of the fastest growing economies in the world and it’sthe seventh largest Asian economy that growsat an average rate of over 7 percent per year!
According to Joseph Eden from the Oxford University Press, “India is one of the BRIC countries as its economy experienced fast growth in the 2000s and is predicted to surpass many of the world’s largest economies by 2050. It shares this place along with Brazil, Russia, and China.”
In recent years, many global corporations outsource their work to India and import Indian goods since labor charges are much less when compared with Europe and the United States, making it the world’s second largest labor force with 502.1 million people. India’s economy consists on the manufacturing sectors, such as: oil and gas refining, auto, plastic, textiles and steel production. Though, heavily relies on the production of precious stones and textiles.When it comes to India’s major exports, fine gemstones & jewelry surpasses the $36.3 billion in exports and continues to be an important fast-growing industry. The success of the gemstone industry attributes to highly skilled labor in jewelry polishing and cutting that uses advanced technology on diamond cutting units; all in low cost labor.
If the Gem trade sector is an industry you are interested in exploring, call +1 (786) 773-3673 for consulting and further information. On the other hand, some of the top gemstones produced in India are:
- Blue Sapphires
When it comes to textile, India is among the world’s largest producer of cotton & jute on Earth! Its production of domestic textile and apparel contributes 2% to India’s GDP, being the second largest employment sector, employing over 45 million people.
The textile sector has also seen an increase in foreign direct investment over the past few years. Foreign direct investment (FDI) was estimated at $1.8 billion dollars in 2015 with help of the Government’s initiatives to facilitate the process of providing venture capital to start-ups, developing the technical textiles sector and improving textile-processing, among others.
If you are interested in build your company’s portfolio in India, please contact us at [email protected] or +1 (786) 773-3673 – You can also visit our headquarters in the United States at: 800 Brickell Ave. Suite 1107 Miami, Florida 33131