Focus on India
After China, India is the second largest market and second fastest growing major economy in the world. Valued at US $4.457 trillion, the Indian economy is the world’s eleventh largest by nominal GDP and third largest by purchasing power parity.
With an average annual GDP growth rate of 5.8% over the last two decades, India has rapidly become one of the key players in the global economy.
At 1.2 billion people, the Indian population is bigger than the entire populations of the USA and EU combined. And with a lively, cash-rich and rapidly expanding consumer class, as well as favourable tax treatments and English as the business language, India is the place to do business.
Both imports and exports range right across the economy, with almost no sector nowadays left out.
Major export commodities: engineering goods, petroleum products, chemicals and pharmaceuticals, gems and jewellery, textiles and garments, agricultural products, iron ore and other minerals.
Major import commodities: crude oil and related products, machinery, electronic goods, gold and silver.
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Wales and India
From Tata Steel and Tritech to Wockhardt and Bilcare, Wales and India enjoy strong business links. Wales-based companies working in India include Cintec International, Sal Consulting, Admiral Insurance and G C Hahn. Joining Wockhardt and Bilcare, other Indian companies investing in Wales are IFGL Refractories, Exide, Pix Transmissions, Glabal Alok Impex, JSW Steel Group and Aegis BPO.
And Tata Steel, of course, is the largest private employer in Wales, with over 7000 employees and plans for a further £800m of new investment.
The UK-India Education and Research Initiative (UKIERI) has linked schools in Delhi, Chandigarh and Jamshedpur with schools in Swansea, Bridgend and Monmouth. 2000 of Wales’ 11,000 international students come from India.
Several Bollywood films have been shot in Wales, including the 2004 Kuan Hai Sapno Mein Aaya? which used Caerphilly Castle as a backdrop. In the same year, Kyun…! Gaya Na was filmed in Llanberis and Dolbadarn Castle in North Wales.
In November 2010, Wales’ world famous Hay Festival was hosted in Kerala, India, with a line-up of fifty authors and performers from across the world.
Synergies of language, culture and history add to the strong existing economic ties to give Welsh businesses a real edge in exporting to and winning investment from India.