Currently, the WHO is dealing with a severe pandemic of COVID-19. There have been a number of deaths due to this, with the effects also being felt on the global economy as well. It is not just the global economy that has been impacted, but the economy of each and every nation as well! In this article, we have discussed the opportunities for Indian export businesses through the pandemic.
With regard to the Indian economy, we are facing a trade deficit due to COVID-19, and exports and imports are separated by a huge gap. A campaign named “Aatma Nirbhar Bharat.” has been started by India’s PM in order to deal with this hard situation. In order to get resources to manufacture their own goods, Indian citizens are being encouraged to sell them in the domestic market and satisfy the needs of their home country. Imports and exports will be balanced in India through this program. Eventually, this will result in boosting exports.
Therefore, export businesses for COVID-19 are becoming more of new opportunities. Many countries want to do business with India and are considering doing so.
Current trends in export during the pandemic
COVID-19 is definitely a short-term yet significant threat and its threat will end. Nevertheless, we must go beyond our comfort zones. Taking advantage of the current trends in the Indian export business is an excellent way to grow your company internationally, but which trends should you pay attention to in the midst of COVID-19?
- Tailor-made lead generation
- New business models
- Added-value services and innovation
- Digital marketing and communication
Indian exporting businesses are supported by the government during covid-19
There is always encouragement from the Indian government to start or expand Indian export businesses, even during the covid-19 pandemic. There are numerous opportunities for aspiring business owners, regardless of the size of their company. Due to the current situation, the government has decided to extend policies regarding exports. Here is a list of all policies that have been extended and the changes made to them:
- Advance authorization and export promotion capital goods scheme
- Extension for filing RoSCTL claims
- Filling Claims under services and goods export from India schemes
- Valid period of all status holder certificates
- Foreign trade policy extension by one year
- Registration cum membership certificate
New opportunities for export businesses during corona
COVID-19 is serving as a new opportunity for India to boost exports due to its outbreak and may serve to encourage businesses to expand. Several developing countries and developed ones seem reluctant to work with China due to the current global situation. Their aim is to establish a strong relationship with India by boosting their imports.
The fact is that India can supply quality products at a very reasonable price to those countries and can be viewed as an alternative to China. Additionally, there is a high chance that major foreign investments are taking place in India aided by political forces. India’s export businesses can directly benefit from many big brands manufacturing innovative products back in India.
What businesses can benefit from covid-19?
China was a major supplier of goods to many of the countries mostly because it offered them at lower prices. However, following COVID-19, they have put trade barriers against Chinese products. Their business strategy was to import items from different countries instead. It is, therefore, the right time for India to act to benefit from such an opportunity. According to a number of news sources, the government has established an export business for a wide range of products and takes a flexible stance towards it. In the list below, you will find products with sub-products for which COVID-19 can be beneficial.
- Flowers
- Spices
- Vegetable products
- Iron and steel products
- Medical instruments
- Fruit products
- Textile
- Cereals
- Organic chemicals
- Auto components
- Farm and dairy products
- Electronic products
- Pharmaceutical products
There is also a high demand for the products mentioned above in many countries, and India is able to meet this demand to a satisfactory level. Therefore, Indian exports can benefit the economy during this crisis. This is indeed a blessing in disguise for the Indian export industry, which is resulting in increased opportunities for export trade.