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January 20, 2016 [Bornfring Publication]

BETTER EXPORT FOR BETTER INDIA

1. Mr. S.Thowseaf (Ph.D. Research Scholar), 2. Dr. M. Ayisha Millath (Research Supervisor),

Alagappa Institute of management, Alagappa University, Karaikudi - 630003

Ct Email ID- thowseaf786@gmail.com, Ct Ph. No- +91 7358167123

Ct Email ID- ayishamillath05@gmail.com, Ct Ph. No- +919842144984

Abstract

Export is an ambiguous term which is debated in different forms. Few proclaim, exports
are playing crucial role in life of the company by increasing the efficiency of production and
making profit out of surplus produced. While others proclaim, exports are decreasing the best
quality goods and service for domestic consumption. It is known fact that for every positive
values there exist negative value; The changing social trends and other environmental factors
anyhow increased the beneficial of the export in recent years. Lack of awareness about the
advantageous factor have installed age old thinking of export. This paper discuss; export in
recent trends, validate reason for exporting encouragement from India, beneficial to company on
exporting. The present study utilizes analytical research methodology using secondary data. The
study exhibited positive relationship between export and economic growth in India. The data
reported by RBI and DGFT, shows that 24.8% of the Indias GDP lays on Export. Export from
India also indicated a clear evidence of increased Indian money value in international market and
reduced demand for foreign currencies.

Keyword : Export process in India, Export for economic betterment, Export for
organization development.

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1.1 Introduction

The global trade in world have increased to many folds since the second world war. In
last two decades there is rapid expansion and diversification in international trade. Ever
increasing population and the demand imposed by population have contributed a huge scope to
the international trade business. Export being a part of the international trade is seen as the boon
for emerging entrepreneurs over decades, but dynamic economies, changing social trends and
foreign exchange variation in global trade environment are seen to be threatening factor for new
entrants (Tony Edwards, 2007). India had provided a interesting case study in regards to
international trade especially export . Prior before 1991 India was more communal and least
open to the international market, Indian exchange rates at that point of time more or less
remained the same. During 1991 Indian policies were reframed and the agenda was most in favor
of liberalization in international trade. The year 1992 - 1993, India witnessed overwhelming
profit in exchanges, which marked a new beginning for India to search other relevant
international trade. Exporting , which is our current study was more evolved during this phase.
comparing productivity and profitability with other Industries, exporting firms are dominating
others and generated huge profit and promoting overall economic development in India. Over the
last decades India have witnessed a very strong economic growth via export sector. It was
recorded India' s export had reached tremendous peak i.e. from 17% during 1991-2000 to around
35% during the year 2010-2011 (A.Harikumar, 2014). The GDP share have also been increased
two folds i.e. from 6% during 1991 to 12% 2000, it was during 2010 India made a benchmark;
around 25% of the total GDP in India was contributed by the export. The report clearly indicates
that 1/4th of the GDP is contributed by the export of India. The active involvement of India in
Export had simultaneously increased the India's share in world trade for 0.5% to 1.5% during
2010. Thus resultant of exporting activity made India to conquer fourteenth place in worldwide
market during 2010 crossing seven countries up the row. On correlating the beneficial factors,
many entrepreneurs had started seeing export as a better option over merchandising in domestic
market which had led to around 23% growth rate in export industry during 2000-2010 (Yin-

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Wong Cheung, 2013). Later after the period of 2010, 18% growth rate was recorded, and as far
now is considered as the largest growing Industrial sector in India. Export business in recent
times, are regarded to be complex also its beneficial through government and business profit is
still unknown, this is due to the fact that, most of the international business studies made are very
narrow. Studies considering both Internal as well as external factors are very limited, even if so
the studies are limited to particular export industry (Evangelista, 2005). Export field encloses
knowledge gap, contradictory result also theoretical inconsistency (Keupp, 2009). Over the last
decades International business, especially export business is gaining attention among the
research scholars over last decades (Oviatt, The internationalization of entrepreneurship, 2005a).
However the economic environmental factor and its relation remains unclear (Oviatt, Defining
international entrepreneurship and modeling the speed of internationalization, 2005b). Therefore,
study aim to attain; insight into beneficiaries of exporting in context to India and organizational
level.

2.1 Review of Literature

Various literatures on international business have produced a positive association on


economic growth and export (Giles, Export-led Growth: A Survey of the Empirical Literature
and Some Non-causality Results, 2000b). many reasons had been formulated, explaining with
evidence that, export-led growth. simple explanation in regards to it, is domestic production for
consumption and marketing surplus produced to further foreign market generates addition
amount to the economy for its development (Giles, Export-led Growth: A Survey of the
Empirical Literature and Some Non-causality Results. Part 1, 2000b). Exports are associated
with surplus producing firm (Bernard A. B., Exceptional Exporter Performance: Cause, Effect,
or Both?, 1999) (Bernard A. B., 1997). Thus export paves way for surplus producing domestic
manufacturer to gain profit out of through export (Bernard A. B., Exporting and Productivity in
the USA, 2004) (Roberts, 1991). By various mechanisms export activities influences the
economic growth; primary among it, economy of scales, which is consider as the important
parameter for economic growth (Feder, 1982) (Smolny, 2000). By serving foreign market,
companies get opportunities to achieve their sales target also additional profit from export
comparable to domestic sales (Castellani, 2002) (Porter, 1986). Secondly specialized labors and
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task force is available to carry out the better operation for better efficient production for GDP
(Dunning, 1989). Third better technology for better productivity id gained through the export
operations, which is considered as the useful source company to effectively utilize the resources,
reduce the cost and improves the productivity in home market (Grossman, 1991).

3.1 Methodology

The main objective of the research is to identify beneficial of export to Indian economy
and organization. Hence the study have been initiated with answering open ended question such
as what s export in recent trends? why India should concentrate on export? why Nation as well as
Firm concentrate on Export and what are it associated risk factors in export?. Every part of the
study is done meticulously and the information had been compiled for accurate result. The study
is conducted with the Analytical research design, data for analyses and interpretation is derived
through secondary data. Analysis are tabulated for simplicity and calculation on data are made as
accurate for the further use of secondary data compiled for further study.

4.1 Induction to export

The significance of the export and its role in Indian economy is discussed in above
paragraph, but the question arising in association to it is; what is export? Export in common
parlance is transaction of goods, service and information across national borders for valuable
consideration (Wikipedia, 2015). Exports are the result of liberalization and capitalization of
international trade. Variation in natural resources, population, Scientific progress, trade policy,
nature, choice and fashion of the people are the main factors contributing to the success of the
export. Any physical goods, services and even patent of technology can be Exported. India is one
among the top exporters of Agricultural products, textile materials, gems & jewelry, transport
equipments, pharmaceutical products, crude oil products, machinery & instruments and its
associated patent or intellectual rights to other end of the world (Jorge Carneiro, 2015).

Indian exporters generally adapts indirect as well as direct export. To illustrate in simple
term; direct export involves production of goods or service by the company for the purpose of
export, while indirect export is process of procuring the products and quality checking for the
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purpose of export. The governing bodies and agencies associated with Indian exports are
forfeiter, WTO, EXIM Bank, ECGC, RBI, Minister commerce, authorized dealers and export
promotion council. Forfeiting concept was originated from Switzerland during 1960, forfeiter are
the best financial solution to exporters when importers ask for high credit time (Nagaraj, 2014).
The exporter receives the payment from the firefighter for the goods send and transfers the right
to receive the payment from the importer in future period of time. WTO was amended replacing
the GATT during January 1,1995, the major objective of the WTO to promote international
business for transition economy, lend specialized help for export and frame policies in relation to
international business and its liberalization. RBI, EXIM and ECGC are Indian government
organization that are supporting Indian exporters and imports to carry out international business
smoothly, they provide financial and information assistance to importer and exporter especially
to carry on export conveniently. Minister of commerce and Director general of foreign trade are
the important bodies framing Export and import policy, customs and tariffs act in relation to
international trade in India. Authorized dealers are the intermediaries supporting the exporter and
importer in India to exchange the currencies against different countries currencies on opening
NASTRO or VOSTRO or LORO account (http://www.dgft.org/, 2015).

Export is the only industry with many subsidies comparative to any other also availing
for it requires just a registration from the exporter side. The overall process to avail for full
benefit from the business, the exporter are required to establish themselves as a export
companies by registering under companies act 1956 or Partnership act 1932 accordingly. Second
primary step is to open an current account in the name of the export company in any commercial
bank recognized by the RBI (Reserve Bank of India) to deal with foreign currencies. Third most
important step is to obtain IEC No. i.e. (Import Export Code Number) which is issued by DGFT
(Director General of Foreign Trade) (Jain, 2014). Other important steps involves obtaining PAN
(Permanent Account Number), Registration with Tax department to avail tax benefits,
registration with EPC (Export Promotion Council), obtaining RCMC (Registration cum
membership certificate), Registration with ECGC (Export Credit Guarantee Corporation of
India) also with CoC (Chamber of Commerce), ITPO (Indian Trade Promotion Organization)
and FIEO (Federation of Indian Export Organization).

Figure 1- Registration Formalities for Export


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Registration
Formalities for
Export

Company
Registration

Current Account Registration with Registration with


Registration with Registration with
registration - RBI Obtaining IEC NO Obtaining PAN EPC & Obtaining FIEO, ITPO, CoC
TAX Authority ECGC
authorised bank RCMC etc

Figure 2 - Export Process in India

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Government of India Trade Management

Minister of Commerce Finance Minister

Director General of Foreign Trade (DGFT) Reserve Bank of India (RBI)

AD - Authorized Dealers
FMC - Full-fledged Money Dealers
RMC - Restricted Money Changers
EXIM Policy
Foreign Trade, Development & Regulation
Customs and Tariffs Act NOSTRO Account - $... to Rs
WOSTRO Account - ..to .. to Rs

FEMA - Foreign Exchange Management Act

On Trade Contract Acceptance

1. Contract Invoice
Exporter Authorized Dealers

2. IECN & 4-GR forms

3. 1-Invoice & 1-GR forms


4. 2-Invoice & 2-GR forms
6. 1-Invoice & 1-GR forms
Customs Authority (After -90- Days)

5. 1-Invoice & 1-GR forms 5. 1-Invoice & 1-GR forms

DGFT RBI

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4.2 India have to concentrate on Exporting for economic betterment

Exporting from India provides increment in foreign currencies circulation within India.
This process ultimately reduces the demand for foreign currencies in India. Thereby when the
demand for the foreign currencies reduces, the value of the foreign currencies falls in relation to
Indian money, this in-turn increases the value of Indian currencies in international market.
Export being a positive cash flow producing business, increasing the employability rate in India
for past decades. The growing demand for Indian products and governmental support through
pre-post shipment financial assistance, export promotion zone and tariff and non tariff subsidies
have further boosted the growth of the export industry in last decades. Export have increased the
efficiency of operation in production and operation of many Indian industry without
compromising the quality with international standard. Export are the best way to foster goodwill
between various nations also to satisfy the demand of the population in various nations. Export
are given primary importance to calculate the balance of trade within the nation, a country is sad
to have favorable balance of trade only if the export values is greater than import value, else it is
known as unfavorable balance of trade. Exports are seen as the tool to make profit out of surplus
produced in earlier period of time, as of now goods are imported for the purpose of export. the
added advantage of company involved in such a kind of business is that, they can claim for duty
drawback i.e. drawing back tax paid while import, on exporting the finished goods made out of
imported goods.
Figure 3 - 2012-2013 Indian Export & Import in various sectors

2012-2013 Export 2012-2013 Import


Petroleum Petroleum

20% Gems & Gold


Jewellery 38% 35%
49% Transport Transport
15% Equipments Equipments
Machinery Machinery
11%
5% Pharmacenticals 6% 6% Pharmacenticals
6%
4%
5%

Source : (S. Rajasekar, 2014)

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From above report it is clear evidence that India is having unfavorable balance of trade in
most of the sector. The study clearly states that India is petroleum exporting out of total export
contribution s 20% on other hand petroleum products import is exceeding 15% of total export,
similarly on considering gold India is importing 11% of the total import while export as jewelry
is exceeding the import by 4% which is giving favorable balance of trade. On considering other
sectors, India is not performing well, which have led to low performance of Indian trade
performance in international market also led to expenditure of too much money for importing
leaving no finance for economic development. If India still continues to import goods for
growing population and demand instead of concentrating on efficient utilization of available
natural health and human recourse; crises doesn't needed to be forecasted but can be expected.
Export is the only mean to retain money within India for economic development and to increase
the income for foreign nations. Hence India have to concentrate on export for betterment of
Indian economy, well India is option-less.

Table 1 - Exports as Share of GDP By Country


Country Level Units As Of 1Y Chg ~5Y Ago ~10Y Ago ~25Y Ago
USA 13.49% % of GDP 2013 -0.08% 11.01% 9.63% 8.91%
China 26.40% % of GDP 2013 -0.92% 26.72% 34.08% 10.60%
Japan 14.73% % of GDP 2012 -0.40% 17.71% 11.87% 9.76%
Germany 50.67% % of GDP 2013 -1.12% 42.46% 38.55% 24.22%
France 28.28% % of GDP 2013 0.20% 24.07% 25.91% 21.48%
Brazil 12.55% % of GDP 2013 -0.03% 10.98% 16.43% 8.93%
UK 29.84% % of GDP 2013 -0.41% 27.01% 24.36% 22.59%
Italy 28.56% % of GDP 2013 0.30% 22.47% 24.05% 18.57%
Russia 28.37% % of GDP 2013 -1.23% 27.94% 34.42% 21.90%
India 24.82% % of GDP 2013 0.82% 20.05% 17.55% 6.90%
Source: (https://www.quandl.com, 2013)

Indian GDP (Gross Domestic Product) is an important parameter for the measurement of
successfulness of the countries' economies. The Report Published states that Nearly 25% of the
GDP is generated as the result of Export in India, hence hit in export will greatly influence the
economy of the country undoubtedly. The report published by G20 countries states that India
could climb up the ladder conquering 10th place just by increasing its international business
especially export. India Export and GDP relation was calculating, exhibit an average of 5%
growth in every 5 years in recent times, which is low on closer insight with highest human

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population and literacy rate and current technology existing in world. Betterment utilization with
available resources in India by Indian entrepreneurs are the best way to tap benefit indisputably.
Table 2 - Balance of Payment of India during 2013 -14 & 2014-15
Apr-Jun 2015 P -US Million $ Apr-Jun 2014 PR -US Million $
Credit Debit Net Credit Debit Net
Current Account 126572 132749 -6177 139184 147019 -7836
Goods and Services 106070 122843 -16774 119280 136856 -17577
Goods 68024 102221 -34197 81712 116274 -34562
Services 38046 20623 17423 37568 20582 16986
Transport 3870 4128 -258 4452 3931 521
Travel 4566 3845 721 4232 3838 394
Construction 352 233 120 504 289 215
Insurance and pension services 482 282 200 537 304 234
Financial services 1286 778 509 1581 1415 166
Charges for the use of intellectual property n.i.e. 162 1485 -1323 198 1392 -1194
Telecommunications, computer, and information 18877 933 17944 18072 880 17192
Other business services 7792 7302 490 7066 6306 761
Personal, cultural, and recreational services 424 489 -65 301 317 -16
Government goods and services n.i.e. 131 269 -139 132 248 -115
Others n.i.e. 34 790 -756 427 1594 -1167
Primary Income 3228 8800 -5573 2345 9040 -6696
Secondary Income 17275 1105 16170 17559 1123 16436
Capital Account 84 76 8 138 121 18
Financial Account 140181 133560 6622 144478 136518 7959
Direct Investment 15479 5303 10177 11548 3667 7881
Direct Investment in India 14159 2680 11478 9986 1957 8029
Direct Investment by India 1321 2622 -1302 1562 1711 -149
Portfolio Investment 62835 65411 -2576 69027 56587 12440
Portfolio Investments in India 62575 65318 -2742 68858 56393 12465
Portfolio Investment by India 260 93 167 169 194 -25
Financial derivatives and employee stock options 1344 4594 -3250 6008 3996 2012
Other investment 60523 46822 13701 57894 61089 -3195
Other equity (ADRs/GDRs) 273 0 273 0 0 0
Currency and deposits 16922 11313 5610 15114 12610 2504
Loans (External Assistance, ECBs and Banking Capital) 16039 11606 4433 16669 18012 -1343
Insurance, pension, and standardized guarantee 35 34 0 29 32 -3
Trade credit and advances 22545 23353 -807 24099 23877 222
Other accounts receivable/payable 4709 516 4192 1983 6558 -4575
Special drawing rights 0 0
Reserve assets 0 11430 -11430 0 11179 -11179
Total assets/liabilities 140181 133560 6622 144478 136518 7959
Net errors and omissions 453 -453 141 -141
Source: (RBI, 2015)

The report published by the RBI clearly indicates that there is a drop in the value of BoP
(Balance of Payment) in India due to the comparatively less international business in current
year. There exist a clear evident from the data that the total assets/ liabilities have greatly

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affected due to the less international business activities also the goods and service in relation to
the export holds the highest value among the income for India had a setback and influencing and
affecting the BoP value of India.

4.3 Beneficial of companies involved in exporting

The companies belonging to same Industry in domestic country are facing heavy
competition, As all the products are produced within particular confined location where
necessary resources are available, the cost difference is negligible among various companies
products, though it is produced at cost effectively when compared to any other country. If a firm
moves towards internationalization, it will possesses greater market, cost advantage also capable
of becoming an global brand over the time; making the firm to move to next level.

Figure 4 - Beneficial of export to Nation and Firm

Favorable balance of trade


Economic development
Why Do India Export Foster peace with various Countries
Effective utilization of natural resources
Effective utilization of surplus produced

National Level

Human Resources
How Can India Gain
Natural Resources
Competitiveness
Production cost factor

Export

Push Factor
Why Do Firm Export
Pull Factor

Firm Level
Reducing Cost of Production
Utilizing Available Human resources
How Can Firm Gain
Effective utilization of technology
Competitveness
Effective utilization of Natural wealth
Brand creation; marketing & promotion

Reason for firm internationalism can be explained in-terms of pull and push factor (Jkel,
2013). Pull factor refers to the proactive reasons, causing firm to indulge in exporting these
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include; Growth of the company, increased profitability, Helps in achieving the economics of
sale, reduces the risk, Access to imported inputs and free market option. The push factor are
known to be the compulsion made on the firm to go internationalization, these includes;
Competition and cost factor in domestic environment, quality improvement, government policies
and regulations, resources utilization, spreading risk and R&D cost. Every firm including an
newly started innovative ventures will create its own competitor after a period of time and
continues to move around the product and market life cycle. Export in beginning creates; brand
of international or global business, thus creating values to the venture, even weather the firm is
existing one among many, when started to exports and establish as a brand, it is perceived for its
international standard quality hence adding value to charge premium price for the products
within and outside domestic country.

5.1 Suggestion

Limiting the concentration of exporting venture within specific region may contribute to
variation in growth within the nation. Thus, policy implication, export promotion and program
by government may increase the export intensity and export entrepreneurs. inevitably export is
consuming 24.8% of the GDP of India, hence concentrating on it will increases the economy of
the India. Also report of reserve bank of India is exhibiting un-favorable balance of trade in
recent year comparable to last year the net tangible assets/liabilities ratio have fallen by Rs. 1337
US million $. The situation can be possibly be helped out only by the export not import. India
having largest human, natural and other available resources, economic betterment can possibly
be made when upcoming entrepreneurs and government makes necessary actions in relation to
export subsidies and process liberalization.

5.2 Conclusion

India processing a second largest human resources, largest natural resources and access to
best technological invention, conquering competitiveness in export for economic betterment is
highly possible if necessary action taken to best utilize the available resources. Export being an
essential component for economic success of India to produce favorable balance of trade, foster
peace and goodwill between nations, effective utilization of resources and profit out of surplus

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produced. In firm level, export brings efficiency in production thus reducing the cost of
production and wastage also creates a brand image of international company. Reason for firm
internationalism can be explained in-terms of pull and push factor (Jkel, 2013). Pull factor
refers to the proactive reasons, causing firm to indulge in exporting these include; Growth of the
company, increased profitability, Helps in achieving the economics of sale, reduces the risk,
Access to imported inputs and free market option. The push factor are known to be the
compulsion made on the firm to go internationalization, these includes; Competition and cost
factor in domestic environment, quality improvement, government policies and regulations,
resources utilization, spreading risk and R&D cost.

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