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Embassy of India Santiago

Embassy of India Santiago. Presentation at International Institute of Studies, University of Chile, Santiago (Friday, May 16, 2014, 0930-1130 hrs). Theme of the Presentation. Indian Economy Factors for Growth of Indian Economy India-Chile Relations. Part I – Indian Economy.

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Embassy of India Santiago

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  1. Embassy of IndiaSantiago Presentation at International Institute of Studies, University of Chile, Santiago (Friday, May 16, 2014, 0930-1130 hrs)

  2. Theme of thePresentation • Indian Economy • Factors for Growth of Indian Economy • India-Chile Relations

  3. PartI – IndianEconomy • General Profile • World's 2nd fastest growing major economy • 2nd & 3rd largest in Asia in term of PPP and Nominal GDP, respectively • 16th largest exporter and 8th largest importer • Economy till 1991 based on a mixed economy • Since 1991, liberalization measures were adopted

  4. Important Statistics • GDP (Nominal): US$1.87  trillion (10th largest in the world)  • GDP (PPP): US$5.07 trillion (3rd largest in the world) • GDP Growth Rate: 5.0% (2012-13) • GDP Per Capita: US$1,504 (Nominal:130th) & US$4,077(PPP: 127th) • GDP by Sector: agriculture (16.9%), industry (17%), services (66.1%) • Consumer Price Index: 8.79% • Below Poverty Line: 37.2%(2004-05), 11.8%(2013-14) • Labour Force: 487.3 million • Labour Force by Occupation: agriculture (49%), industry (20%), services (31%) • Unemployment: 3% Urban, 2% Rural • Main Industries: textiles, chemicals, food processing, steel, transportation equipment, cement, mining, petroleum, machinery, software, pharmaceuticals

  5. External • Exports: US$313.2 billion • Main Items of Exports: software, petrochemicals, pharmaceuticals, precious stones, textiles, machinery, iron ore, chemicals, automobiles • Main Destinations of Exports: UAE (12.3%), USA (12.2%), China (5.0%), Singapore (4.9%), Hong Kong (4.1%) • Imports: US$467.5 billion • Main Items of Imports: crude oil, raw precious stones, machinery, fertilizer, coal, steel, chemicals • Main Sources of Imports: China (10.7%), UAE (7.8%), Saudi Arabia (6.8%), Switzerland (6.2%), United States (5.1%) • FDI Stock: US$47 billion • Gross External Debt: US$412.2 billion

  6. Public Finances • Public Debt - 67.59% of GDP • Budget Deficit - 2% of GDP • Revenues - US$181.3 billion • Expenses - US$281.6 billion  • Economic Aid - US$2.107 billion • Foreign Exchange Reserves – US$311.85 billion

  7. PartII - FactorsforGrowth of IndianEconomy FACTORS Agriculture & Allied Sectors • largest economic sector • accounted for 17% of GDP in 2012 • employed 51% of the total workforce • 2nd worldwide in farm output • largest producer of milk, jute and pulses • 2nd largest cattle population with 175 million animals. • 2nd largest producer of rice, wheat, sugarcane, cotton and peanuts • 2nd largest fruit and vegetable producer • 2nd largest producer and largest consumer of silk • 3rd largest fishing industry

  8. Industry • accounts for 26% of GDP • employed 22% of the total workforce • 10thin terms of nominal factory output • Textiles, chemicals, pharmaceuticals, machineries, cement, steel, mining, engineering, automobiles, motorcycles, electrical and electronics • Micro, Small and Medium Enterprises

  9. Textiles • 2nd largest source of employment after agriculture • contributes about 14% to industrial production • 4% to the country’s GDP • 17% to export earnings • provides direct employment to over 35 million people

  10. Services • 13th in services output • provides employment to 27% of the work force • growth rate of 7.5% in 1991–2000 • 57%: largest share in GDP in 2012

  11. IT Sector • 7% share in GDP • generates US$118 billion • contributes to 25% of exports • 7 Indian firms among top 15 outsourcing companies in the world

  12. Retail Industry • accounts for 15% of GDP. • estimated to be US$500 billion. • Organised retail supermarkets account for 4% of the market, as of 2008.

  13. Tourism • contributes 6.23% of GDP • 8.78% of total employment • presents heritage and cultural tourism along with medical, business and sports tourism.

  14. Mining • producing 79 different minerals (excluding fuel and atomic resources) • iron ore, coal, manganese, bauxite, zinc, mica, lignite, copper, gold, lead, gypsum, limestone etc. • 25% of GDP contributes 10% of Industrial sector • Largest producer of Mica, largest producer of bauxite third largest producer of Iron ore, fourth largest producer of coal, • Estimated to be US$107 billion in 2010

  15. Banking and Finances • branches reached at 72,170 in 2007. • bank deposits reached at US$640 billion in 2009. • Gross domestic saving stood at 32.8% of GDP. • public sector banks hold over 75% of total assets private banks hold 18.2% of assets foreign banks hold 6.5% of assets

  16. Energy & Power • 4th largest producer of electricity and oil products • 4th largest importer of coal and crude oil • Coal and oil account for 66% of consumption • oil reserves meet 25% of the country's demand • power generation capacity of 233.929 GW • rich in alternative sources of energy

  17. Infrastructure • 3rd largest road network, covering more than 4.3 million kilometers and carrying 60% of freight and 87% of passenger traffic • 4th largest rail network in the world, on track of with 114,500 kilometers • 13 major ports, handling cargo of 850 million tonnes in 2010 • national teledensity rate of 74.15% with 926.53 million telephone subscribers, two-thirds of them in urban areas • Real Estate and Housing

  18. Education • Literacy rate grown to 74.04% in 2011. • Right to Education, a Fundamental Right • Scientific and technical education • Vocational training • One of the largest reserves of scientific and technological talents in the world.

  19. Challenges • Poverty eradication • Economic disparities • Employment generation • Education • Women and child development • Health and nutrition • Infrastructure • Housing and Sanitation

  20. PartIII – India-Chile Relations Relevance of Chile • Chile has large reserves of copper, lithium and other minerals. • It has a large coastline with huge ocean resources and port facilities. • Its central plateau is excellent for cultivation, exports of fruits and wine. • It has opened up its economy and has become a OECD member. • Its strategic location provides access to Asia Pacific markets. • It lays emphasis on developing relations with Asia-Pacific region. • Chile is an active member of regional and international organizations.

  21. Political Relations • Both countries enjoy friendly and cooperative relations, without any irritants. • Both countries share similar perception about development and democracy. • Both have collaborated in UN and international organizations. • High level visits have been exchanged between the two countries.

  22. High LevelVisitsfrom India • Prime Minister Mrs. Indira Gandhi (1968) • President Mr. Shankar Dayal Sharma (1995) • President Mrs. Pratibha Devisingh Patil (April 2008)

  23. Ministerial and Senior Level Visits from India • Mr. JyotiradityaScindia, Minister of State (C&I) (September 2010) • Mr. Dinsha J. Patel, Minister of State(Mines) (April 2011) • Dr. S.Y. Quraishi, Chief Election Commissioner of India (July 2011) • Mrs. Meira Kumar, Speaker of the Lok Sabha (January 2012) • Mr. Sachin Pilot, Minister of State (Comm&IT) (April 2012) • Mr. Salman Khurshid, Minister of External Affairs (February 2013) • Dr. Farooq Abdullah, Minister of New and Renewable Energy (Sept 2013) • Mr. J. D. Seelam, Minister of State (Revenue) (March 2014).

  24. High LevelVisitsfrom Chile • President Ricardo Lagos Escobar (2005) • President Dr. Michelle Bachelet (March 2009) • Dr. Michelle Bachelet (as the Head of the UN Women) (October 2012)

  25. Ministerial and SeniorLevelVisitsfrom Chile • Mr. Alfredo Moreno Charme, Minister of Foreign Affairs (August 2012) • Mr. Luis Mayol, Minister of Agriculture (June 2013)

  26. Agreements/MoUs(signed in April 2008) • Agreement for Cooperation in Science & Technology • MOU on Cooperation in Sports • Air Services Agreement • MOU on Antarctica Cooperation • Renewal of Phytosanitary Agreement

  27. Agreements/MoUs(signed in March 2009) • MOU on Co-operation in the field of New and Renewable Energy • Agreement on Cooperation in Exploration and Utilization of Outer Space for Peaceful Purposes • MOU on Co-operation in the field of Geology and Mineral Resources • Exchange Programme on Cooperation in the field of Education

  28. OtherAgreementssignedbetweenPrivateInstitutions • Partnership Framework Agreement between M. S. Swaminathan Research Foundation, Chennai and La Fundacion para La InnovacionAgraria • Agreement on Reciprocal Collaboration between NASSCOM and ACTI (Chilean Association of Information Technology Companies) • MOU between Confederation of Indian Industry (CII) and Chile-India Chamber of Commerce (CAMINDIA) • MOU between Avesthagen Limited, Chennai and Uxmal S.A., Chile for promoting R&D in Heath and Cosmetics Sector.

  29. Economic and CommercialRelations • Growth of economies has led to increased economic and commercial relations. • Indian business companies have been looking at new markets in Latin America. • Chile has become a platform or gateway for Indian businesses. • Indian investments have been limited in Chile, but trade is on the rise. • Chile is the second largest trading partner of India in Latin America. • In 2012, India was the 10th largest trading partner of Chile. • However, India shares only 2% of Chile’s global trade.

  30. Visits of IndianDelegationsto Chile • PHARMEXCIL delegation (March 2012) • Apparels Exports Promotion Council (AEPC) (March 2012, March 2013 and March 2014) • Export Promotion Council for Handicrafts (EPCH) (November 2013) • Sports Goods Export Promotion Council delegation (SGEPC) (November 2013) • Electronics and Computer Software Export Promotion Council of India (ESC) (March 2014).

  31. Trade • Chilean exports to India have grown steadily from 2009 to 2012. • Indian exports to Chile have also grown by 36.9%, 22.6% and 40.9% respectively over the same period. • Balance of trade has been in favour of Chile, due to bulk imports of copper ores and copper concentrates.

  32. Figures on Bilateral Trade(in US$ millions)

  33. Additional Trade Information • Above trade figures do not include India’s exports to the Free Trade Zone of Iquique. • India’s exports amounted to US$39.2 million in 2010, US$42.9 million in 2011, US$60.8 million in 2012, and US$45.4 million in 2013. • India’s service exports too amount to some US$20 million. • 6% of companies working in Zofri Zone in Iquique are of Indian origin.

  34. First 10 Items of India´sexportsto Chile (2013) ItemAmount (in US$ million) Motor Cars (less than 1000 cc) 71.76 Motor Cars (exceeding 1500 cc) 56.30 Motor Cars (exceeding 1000 cc) 55.64 Transport vehicles for goods 45.59 Industrial leather gloves 34.14 Medicaments 31.31 Motorcycles 14.54 Generators 10.59 Tractors 9.78 Yarn & fibres 8.14

  35. First 10 Items of India´sImportsfrom Chile (2013) ItemAmount (in US$ million) Copper ores & concentrates 1909.16 Iodine 67.14 Blister copper 52.95 Chemical wood pulp (coniferous) 46.88 Petroleum coke 19.91 Other coal 16.59 Molybdenum concentrate 7.93 Chemical wood pulp (unbleached) 6.98 Chemical wood pulp (eucalyptus) 6.00 Fresh apples 5.66

  36. Chile´sMain trading Partners 2012Amount (in US$ million) China 30,242.00 USA 24,631.10 Japan 10,535.60 Brazil 9,564.90 South Korea 7,091.90 Argentina 6,488.00 Mexico 3,820.30 Germany 3,814.50 Peru 3,631.30 India (10th) 3,295.50

  37. Chile´sMain Trading Partners 2013Amount (in US$ million) China 32,968.90 USA 24,716.80 Brazil 9,628.60 Japan 9,438.80 South Korea 6,852.50 Argentina 5,305.10 Mexico 3,749.20 Peru 3,393.20 Spain 3,211.20 Ecuador 3,071.70 The Netherlands 3,062.10 Italy 2,919.90 Canada 2,903.80 India (14th) 2,876.60

  38. TechnicalCooperation • Re-introduction of 4 slots under ITEC since 2005 • Slots reached at 40 in 2013 ITEC Training Programmes cover diverse subjects starting from accounting to remote sensing.

  39. Cultural and People-to-PeopleContacts • Yoga, meditation, classical and modern dance and music popular in Chile • A large number of Chileans follow Indian spiritual and philosophical traditions. • In 2013, more than 2,800 visas to Chilean nationals.

  40. Indian Community in Chile • Around 1500 Indians and people of Indian origin are living here. • About 40% of them have obtained Chilean nationality. • Half of them live in the northern free port of Iquique and the rest are in Santiago and Punta Arenas. Their main occupation is trading. • Number of professionals and expatriates working in sectors such as ICT, BPO and KPO, has been increasing, of late.

  41. Issues under Discussions • Preferential Trade Agreement (PTA): Expansion and discussions leadingtowards a Comprehensive Economic Partnership Agreement (CEPA). • Double Taxation Avoidance Agreement (DTAA): In February 2012, the Indian side conveyed its readiness to sign the Agreement. Convenience of the Chilean side has been sought to sign the DTAA. • Bilateral Investment Protection Agreement (BIPA): A draft of the Indian Text of BIPA has been forwarded. • Establishment of a Joint Commission: A draft of the Indian Text of the Agreement has been forwarded. • Foreign Office Consultations: Last round of FOCs took place in Santiago in October 2010.

  42. Possible Areas of Cooperation • Science & Technology • Renewable Energy • InformationTechnology • Mining • Agriculture • Education • Healthcare

  43. Thank you very much for your patience!Long live the India-Chile Friendship!

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