• GDP: US$759 billion (2005 estimate).
• Main exports: Textiles, gems and jewellery, engineering goods, chemicals and leather manufactures.
• Main imports: Crude oil, machinery, gems, fertiliser and chemicals.
• Main trade partners: Belgium, China (PR), Hong Kong (SAR), Japan, Russian Federation, Switzerland, United Arab Emirates, UK and USA.

India’s industrial economy, which has invested much in advanced technology initiatives such as digital communications and space research, contrasts with the poverty that persists, particularly in rural areas. The country ranks among the top dozen in the world by gross national product. Roughly two-thirds of the population are involved in agriculture, both subsistence – mainly cereals – and cash crops including tea, rubber, coffee, cotton, jute, sugar, oil seeds and tobacco. Growth in this sector has been steady despite frequent damage through drought and flooding. India’s energy requirements are met by oil, most of which is imported despite the growth of indigenous production, and hydroelectric schemes, mostly based amid the powerful northern rivers. Mining is a relatively small sector, but does produce iron ore and cut diamonds for export. India’s main industrial development has been in engineering, especially transport equipment (a major export earner), iron and steel, chemicals, electronics and textiles. Economic reforms were put into effect throughout the 1990s, under which trade has been liberalised, the sprawling public sector cut back, and state-owned industries sold off. The plan was approved with the IMF, which supplied substantial credits to the Indian treasury.
After the hiatus following the 1997 Asian financial crisis, the economy has resumed its healthy growth rate, currently just under 7 per cent per annum, while inflation is just 4 per cent. Indian colleges and universities are turning out large numbers of graduates with advanced technology skills who are now the target of employers in Europe and North America (where there is a shortage of qualified IT workers): the Indian economy is as yet not sufficiently developed to absorb this resource. Further reforms, especially improvements to the national infrastructure and basic services, are now seen as the priority for central and regional governments. Foreign direct investment has reached an all-time peak of over US$4 billion annually and is set to continue rising.

English is widely used in commercial circles, so there is little need for interpreter and translation services. Business cards are usually exchanged and should be presented with both hands. When introduced to someone, wait to see if your host greets you with a Namaste, the traditional Indian greeting in which hands are clasped as if in prayer in front of the chest accompanied by a little bow, or offers the hand. When eating, visitors should wait to see if their host uses fingers or cutlery, and follow suit (it is essential that only the right hand is used for eating). All weights and measures should be expressed in metric terms. Indian businesspeople welcome visitors and are very hospitable. Entertaining usually takes place in private clubs. The best months for business visits are October to March, and accommodation should be booked in advance. Office hours: Mon-Fri 0930-1700, Sat 0930-1300.

The main congress and exhibition centres in the country are Agra, Bangalore, Bhubeneswar, Chennai, Delhi, Hyderabad, Jaipur, Kolkata (Calcutta), Mumbai, Panaji, Udaipur and Varanasi. In addition, top-class hotels and auditoria with convention and conference facilities are found throughout the country. Air India, Indian Airlines and leading hoteliers and travel agents are members of the International Congress and Conference Association (ICCA) and together they provide all the services required for an international event, including the organising of pre- and post-conference tours.

Ministry of External Affairs
South Block, New Delhi 110 011, India
Tel: (11) 2301 2318 or 1165.
Website: http://meaindia.nic.in

Associated Chambers of Commerce and Industry of India (ASSOCHAM)
147B Gautam Nagar, Gulmohar Enclave, New Delhi 110 049, India
Tel: (11) 2651 2477/9.
Website: www.assocham.org

Federation of Indian Chambers of Commerce and Industry (FICCI)
Federation House, Tansen Marg, New Delhi 110 001, India
Tel: (11) 2373 8760/70.
Website: www.ficci.com.