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Trade And Business

Imports are growing substantially, with petroleum, fertilizers, capital goods and products, services for industrial production and technology being among the principle products. With such a large consumer market and such significant economic advancement, business opportunities are numerous. India's telecommunication industry, the world's fastest-growing, added 227 million subscribers during the period 2010–11, and after the first quarter of 2013, India surpassed Japan to become the third largest smartphone market in the world after China and the U.S. Its automotive industry, the world's second fastest growing, increased domestic sales by 26% during 2009–10, and exports by 36% during 2008–09. The Pharmaceutical industry in India is among the significant emerging markets for global pharma industry. The Indian pharmaceutical market is expected to reach $48.5 billion by 2020. India is among the top 12 Biotech destinations of the world. At the end of 2011, Indian IT Industry employed 2.8 million professionals, generated revenues close to US$100 billion equaling 7.5% of Indian GDP and contributed 26% of India's merchandise exports.

 

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