India is one of the largest exporting countries in the world. India falls under the list of the top 20 exporters in the world. It is one of the leading exporters of things like rice, coffee, tea, spices and certain gemstones to name a few. Export business in India has expanded exponentially in the past few years. One of the primary reasons is the introduction of the Indian economy to liberalisation. Since then, entering the export and import business in India has become very easy and accessible. In this blog, we will talk about some of the biggest exports of India and the process you have to follow to become an exporter.

How Does Export Business In India Work?

Exporting is a term mostly used in global trade. It is a process through which a company from a particular country sell its goods and services to another country’s companies or consumers. You can export a plethora of goods and services to other countries like petroleum, pharmaceuticals, IT consultation services and many more. Exporting goods and services offers a variety of benefits, one of them is exporting can help you grow your company and its consumer base. 

Steps To Get Into Export Business In India

The process of getting into an export business in India is a bit of paperwork but nothing extraordinary. All you have to do is follow a simple process laid out by the government. So let’s go through the process and see how you can start an export business in India. 

Step 1- Build A Valid Business Operation

The first and one of the most important steps is to set up a business that provides goods or services that are desirable in the international market. You have to study the market to understand what India has in abundance and which goods or services have the most demand overseas. After setting up a business, you have to get a current bank account in the business’s name. Make sure that you open your bank account in a bank that is authorised to do international transactions. 

Step 2- Apply For  Permanent Account Number

The next step to start an export business in India is to obtain a PAN in the name of the registered business firm. Every exporter needs to get a PAN from the Internal Revenue Service. 

Step 3- Get An Importer-Exporter Code (IEC)

As per the Government’s Foreign Trade Policy (FTP), an exporter and importer is required to have an IEC in order to conduct any business overseas. A person can apply for an IEC online. All you have to do is visit its official website and fill out a form seeking your documents at a cost of just ₹500. 

Step 4- Relationship-Cum Membership Certificate

RCMC is another important thing to start an export and import business in India. To have a seamless exporting experience, all the exporters and importers must obtain an RCMC from the Export Promotion Council. This certificate helps smooth out transactions between exporters and importers.  

These are the basic steps every exporter needs to take in order to start an export business in India. After following these steps, you’re almost ready to start an export business in India. Still, there are some things that you need to take care of. Some of these things are as follows:

Step 1 

The first step here is to take an order confirmation in the right way. Upon the confirmation of the goods by the buyer, make sure that you write all the details somewhere. 

Step 2

To have a good experience in the export business in India make sure to enter into a formal agreement with the buyer that underlines all the facets like rate list, payment method, delivery date, shipping date and so on and so forth. 

Step 3

Invest in your shipping, packaging and packing to leave a good impression on the buyer and it will help you expand your export business in India. 

Step 4

Now the most important thing in the whole process is to decide a delivery date. Buyers expect their goods to arrive well within the timeframe they gave you or you gave them. Any delay in the matter can result in sour relations which can cause the deal some real damage. 

Step 5

Book a favourable container space for your package. Exporters shall book their spaces on the vessel months in advance reducing the probability of error. 

Step 6

Before sending your goods overseas for a long journey, make sure you have marine insurance to cover the goods if something goes south. Many companies offer marine insurance, you can opt for any one of those insurances based on your requirements. 

Step 7

Make sure you report every transaction detail to the bank and the government to stay safe from any accusation of misconception. 

Top Export Business In India

India has put a lot of emphasis on increasing its exports in recent years and as a result, there has been a surge in exports from India. So let’s have a look at some of the biggest exports of India. 

Currently, India is the leading exporter of Rice, IT consultation, Spices, chemicals and many more. Some of the most prominent Indian exports are as follows:

1. Engineering Goods (Engineering Products made from iron and steel like industrial machinery, automobiles and their spare parts)
2. Petroleum Products (Petrol, Diesel, kerosene, Petroleum Jelly, Wax, CNG, LPG)
3. Gems and Jewelry ( Diamond, Gold Jewelry and several types of gemstones)
4. Organic and Inorganic Chemicals
5. Drugs and Pharmaceuticals ( Many generic medicines as well as vaccines like the coronavaccine)
6. Electronic Goods ( Electronic accessories and gadgets like mobile phones, laptops, computers, TVs, Headphones and many more)
7. Fabrics ( mostly cotton-based fabrics and clothes)
8. Ready Made Garments
9. Marine Products ( Fisheries and other marine animals)
10. Plastics and Linoleum ( plastic products like packaging, electrical fittings, pipes)

Our Take On The Matter

If you’re looking to set up an exporting company then this might be the best time to do it. With so many countries trying to get into India to manufacture their goods, the exporting sector of India is ready to see its biggest revolution ever. So our take is that the export business in India is a booming and future-proof business.