Economic & Commercial Relations
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Overview of Indian Economy

Indian economy had moved decisively to a higher growth phase from 2003-2004 onwards, growing at an average rate of 8%, with the exception of 2008-2009 when it grew by 6.7%. India remains among the fastest growing economies of the world. India is facing twin challenges of managing growth and price stability. The growth projection for the Indian economy, which was initially expected to grow at a rate of 7.5% in 2012-13 was revised for the financial year to 6.9%, then again revised downwards to 6.7%, and again revised to 5.9%. The GDP growth is expected to be 6.1 to 6.7% in 2013-14. Inflation as measured by the wholesale price index (WPI) was 5.96% in March 2013 as compared to 7.69% in March 2012. Non-food manufacturing inflation fell to 3.48% which showed demand side pressures. A decline in industrial growth to 3.9% has primarily led to the slowdown in real GDP growth. However, the second half of 2012-13 showed improvements over the first half of the fiscal year. Government has recently taken measures to promote the manufacturing sector.. Sustainable development and climate change are becoming central areas of global activities. Government is also taking measures to boost investments and remove infrastructure bottlenecks. Liberalisation of FDI in retail, aviation, Insurance and broadcasting, relaxation in the External Commercial Borrowings guidelines etc. are among such measures. According to World Bank estimates, India was the largest recipient country in the world in terms of remittances and received US Dollar 70 billion in 2012. Exports had picked up during the later half of 2012-13. A cross-country comparison, across the board shows that India remains among the front-runners in terms of economic prospects comparison. India offers significant opportunities for trade and business, investment, finance and diverse sectors and has a huge consumer base.

 

The following links may be useful for gaining knowledge about the opportunities for doing business with India:

 

Ministry of Commerce, New Delhi

Trade and Business opportunities in India

Importers and exporters yellow pages

India Brand Equity Foundation

Federation of Indian Chambers of Commerce & Industry (FICCI)

Federation of Indian Exporters’ Organisation

National Association of Software and Service Companies (NASSCOM)

Punjab, Haryana and Delhi (PHD) Chamber of Commerce & Industry

Export Import Bank of India

 

All trade/commercial enquiries may be addressed to:

Mr. Shashi Mohan Joshi,

Second Secretary (Commerce & Development Cooperation)

High Commission of India

307, Church & Peter Rose Streets

Queenstown, Georgetown

Guyana, South America

Tel: + 592 2263996/2268965

E.mail: com.georgetown@mea.gov.in



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