1.3 Billion (2018)
Hindi (official), English (associate)
Indian Rupee (₹)
*Source: The CIA World Factbook
15th Largest Export Market for U.S. Goods (2017)
U.S. Companies Exported $49.4 Billion Worth of Goods (2017)
17% of Population Shops Online
Expected to Become 2nd Largest E-Commerce Market in the World
Top B2C Cross-Border E-Commerce Opportunities
India has the second largest internet population in the world, with over 462 million internet users. India tops the e-commerce market growth rate with 51% annual growth. 60% of online purchases happen during business hours, with the average spend per shopper of $498.60. The top imported goods purchased online:
- Clothing and footwear
- Mobile Phones
- Gifts and flowers
- Digital cameras
Top B2B E-Commerce Export Opportunities
India’s Business to Business (B2B) e-commerce market is expected to reach $700 billion by 2020. Top export opportunities to India:
- Specialized medical devices
- Refurbished medical instruments
- Used construction mining and machine tools
- Cyber security services
- Electronic security
- Surveillance and fire safety products and services
Trade Regulations & Customs Information
Imports: Importers are required to furnish an import declaration in the prescribed bill of entry format, disclosing full details of the value of imported goods.
Import Tariffs: In 2017 an integrated goods and services value added tax (IGST) is applied on all imports into India. IGST is levied on the value of the imported goods plus any customs duty chargeable on the goods. GST is applicable on all imports into India in the form of levy of IGST. IGST is levied on the value of imported goods + any customs duty chargeable on the goods. Value of imported Goods + Basic Customs Duty + Social Welfare Surcharge = Value on which IGST is calculated.
Import Licensing Requirements: The majority of import items fall within the scope of India’s EXIM Policy regulation of Open General License (OGL). This means that they are deemed to be freely importable without restrictions and without a license, except to the extent that they are regulated by the provisions of the Policy or any other law.
Customs Duty: The Basic Customs Duty (BCD) duty is levied either as 1) a specific rate based on the unit of the item (weight, number, etc.), or more commonly, 2) ad-valorem, based on the assessable value of the item. In some cases, a combination of the two is used. In addition, the Indian government assesses a 1% customs handling fee on all imports in addition to the applied customs duty.
Sources: The International Trade Administration (ITA), U.S. Department of Commerce, Ecommerce Foundation