India is a huge exporter of raw materials such as cotton, iron ore and wheat, will become more important as it becomes a large importer like China or the US as the global economy undergoes a major adjustment in the coming years.
India is now the second largest trade partner for China after the US, while Russia is second in terms of trade with India, according to official data. India is the fifth largest exporter to China, who imports some 70 percent of its raw materials. The country is also the seventh largest importer of raw materials besides Russia.
Meanwhile, India is in the process of expanding its investments in mining and manufacturing, which are needed to develop its economy. India is now estimated to become the second-largest economy in Asia by 2025, surpassing Japan.
Currently, the Modi government is determined to push forward development and industrialization in India which is clear from recent policies like corporate tax cut and many more. There is a strong commitment from the global economy perspective to expand and improve human, technological and economic potential of India.