In recent years, the BRIC countries have been a big focus for economists. BRIC refers to Brazil, Russia, India and China. In the 1990s, at the end of the Cold War, economists had high hopes for these regions. And over they years, they have developed substantially. Everyone knows that China is a key economic partner for the US, Canada, Britain and more. What people don’t always realize is how much India’s economy has exploded. Today, India is one of the top 20 exporters in the world.
This makes sense to anyone who stops to think about it. India is rich in arts, culture and natural resources. The country’s top exports include petroleum. In recent years, India’s petroleum exports have topped 61 billion dollars. While it’s true that India imports some oil, that’s pretty common among oil-producing countries. The US and Canada are other examples of countries that both import and export petroleum products.
One of India’s other very popular exports is jewelry. India is rich in gold and gemstones. Jewelry is also a long-standing industry in this country. The government and banking system in India are all set up to support the making and export of jewelry. That’s because it’s a huge money-maker for the country. India makes over $40 billion annually by exporting these goods. Over a quarter of India’s jewelry exports go to the US. Other countries that buy jewelry from India include Belgium, Hong Kong and the United Arab Emirates.
Other key exports for India include pharmaceuticals. Over the past couple of decades, India’s pharmaceutical output has grown a great deal. Pharmaceutical companies with manufacturing in India include Sun Pharma, Ranbaxy, Luipin and Glowchem. Pharmaceuticals account for over $11 billion in exports. This sector is likely to continue growing in the near future, too. Leather and textiles, cars and industrial machinery are other key exports for the Indian economy.
All told, India’s GDP is about $6570 annually. This places India at about 79th in the world. While that’s not very high, it’s a significant improvement over the India of the 1970s to the 1990s. India’s economy is continuing to grow and conquer other industries. It will be interesting to see how this country develops in the coming years.