Indian industry itself, having made considerable progress in modernization and technological upgradation, has been expanding its overseas presence, with subsidiaries or through acquisitions. Growth in manufacturing in recent years has helped to boost the country's exports which comprise over 70 per cent of manufactures and are adding to the gross domestic product. Exports of manufactures could go up from 40 billion dollars in 2003 to 300 billion dollars by 2015, according to a study commissioned by the Confederation of Indian Industry (CII). Auto components, motor vehicles and chemicals are other products of high growth in exports. With the dismantling of the quota regime, India's exports of textiles and garments are also expected to make a quantum jump, next to China which is likely to capture 50 per cent of total exports of textiles and clothing.
Currently, both industry, which has restructured itself under the impact of trade liberalization and competition, and the information technology and IT-enabled services are in the vanguard of India's growing involvement with world economy. Exports of software services (at 16.6 billion dollars in 2004-05) have become a major source of income under “invisibles” in the current account of balance of payments along with remittances from Indians working abroad (20.5 billion dollars). Exports of IT-enabled services and business process outsourcing (BPO) have also been rising. The potential for export of other professionaland business and commercial services such as travel and transportation is large and the benefits could be realized if there is a multilateral agreement on Services under the current Doha Round in trade liberalization.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
