INDIA'S economic liberalisation has inspired a new generation of exporters prepared to challenge for a stake in world markets.
The phenomenon has seen traditional exports such as spices, carpets, basmati rice and handicrafts now supported by growing sales of automobiles, watches, liquor, software, electronic goods, herbal products and food.
The arrival in India of multinationals had accelerated the trend to explore world markets, said economics commentator S. K. Aggarwal.
'Producing and exporting products that match or exceed in quality those new entrants is the only way for Indian companies wanting to survive and grow,' he said.
'India did not earlier opt for the global approach because industry was too busy catering for domestic needs. But the scene is now different. The changing profile of the consumer, both in India and abroad, is responsible for the rush of Indian marketers to join the international bandwagon.' In the watch industry, Titan Industries has invested US$6 million (about HK$46 million) in a plant at Hosur, Karnataka to launch three new ranges specifically designed for the European markets.
'Titan's Western forays can be considered a pioneering step in the country's efforts at creating global brands,' Mr Aggarwal said.
