Import is getting goods or services into the country from overseas. Importing lets nations sell their surplus resources and products to other countries. Historically, India has always had international trade relations that can be traced back to 100CE. After independence, the Indian economy was a protected economy. The import and export trade was strictly regulated. After the Indian economy liberalized after 1991, imports increased exponentially. The GOI allowed foreign investment. Since then the economy has improved substantially.
India is the 17th largest importer of goods and services. In the financial year 2018-19, India imported 514 billion US dollars. The rising domestic demand for electronics and electrical goods and mineral oil and products has increased Asia’s share from India’s overall import figure. In 2018-19 the country imported 59.3% from Asia, 15.8% from Europe, 8.2% from Africa, and 8.1% from North America.
India’s top import partners are -
Top Products imported from in India are:-
Other major products imported from India are:-
Importers are the company or person who makes the import declaration. They are liable to pay duties if any, on the imported product. The importer is named as the consignee or the buyer on the exporter’s invoice. Indian importers database is prepared from the bill of entry given at custom ports across the country.
Information contained are - the importer name and contact details, import price both unit qty and the total valuation of the shipment, the product imported (product description, qty, and HS Code), and date of import. Importers plan their business strategy with the help of this data.
Top importers in India in India are:-
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