India Italy Trade
India Italy Trade Agreement
Introduction
The foundation of Italy and India’s relations stand firm based on the shared principles, and values of democracy, freedom, human rights, and upholding the rule of the law. In addition, the two countries work closely to increase research & development in the field of science and technology. The main items of Indian exports to Italy are ready-made garments, leather, iron ore, motor vehicles, textiles, chemicals, gems & jewellery.
India-Italy Trade
- The bilateral trade between the two countries was valued at US$ 9.1 billion in April-November 2022.
- Italy ranks 17th in FDI inflows in India from April 2000 to September 2022 with an FDI inflow of US$ 3.2 billion during this period.
- Italy is among India's top 5 trading partners in the European Union with the balance of trade in India’s favour since the early eighties.
- The Indian community in Italy (estimated at 2.5 lakhs including PIOs) is the third largest community of Indians in Europe after the UK and the Netherlands.
- With a bilateral trade of US$ 13.2 billion in 2021-22, which is a 53.86% increase over the previous financial year, Italy is India's 4th largest trading partner in the EU, after Germany, Belgium, and the Netherlands. India ranks 15th as the country of origin of Italian imports, accounting for 1.5% of Italian imports.
- Main items of Indian exports to Italy are ready-made garments, leather, iron ore, motor vehicles, textiles, chemicals, gems & jewelry. The main items of import from Italy are general and special purpose machinery, machine tools, metallurgical products, and engineering items.
Major exported items from India to Italy with amount & quantity
- India exported 4,648 commodities to Italy in FY21.
- India’s export to Italy stood at US$ 8.18 billion in FY 2021-22.
- Major exported items from India to Italy include iron and steel (US$ 2,144.70 million); followed by nuclear reactors, boilers, machinery, and mechanical appliances; parts thereof (US$ 602.09 million) in FY21.
- India’s export to Italy stood at US$ 5.5 billion during April-November 2022.
- Major exported items from India to Italy include iron and steel (US$ 1,146 million) followed by telecom instruments (US$ 418 million) etc. during April-November 2022.
Major imported items by India from Italy with amount & quantit
- India imported 5,290 commodities from Italy in FY21.
- Imports from Italy to India stood at US$ 6.91 billion in 2021-22.
- India's imports from Italy include nuclear reactors, boilers, machinery, and mechanical appliances; parts thereof (US$ 1,759.35 million); followed by organic chemicals (US$ 287.76 million) in FY21.
- Imports from Italy to India stood at US$ 3.6 billion during April-November 2022.
- India's imports from Italy include industrial machinery for dairy etc. (US$ 575 million) followed by residual chemicals and allied products (US$ 205 million) etc. during April-November 2022
Recent Trends & developments
- The 8th session of the India-Italy Foreign Office Consultations was held in February 2022 in Rome where the two sides reviewed the entire gamut of bilateral relations
- India and Italy agreed to explore the development of green hydrogen, setting up renewable energy corridors, and joint projects in the natural gas sector as the two nations sought to strengthen partnerships in the energy transition.
Trade and Investment
India ranks 19th as the country of origin of Italian imports, accounting for 1.2% of Italian imports. Around 140 large Italian companies are active in India. Some of the major Italian companies that have invested in India are FIAT Auto, Heinz Italia, FIOlA, Italcementi, Necchi Compressori, Perfetti, Lavazza, Fata Hunter Engineering, etc. The prominent Indian companies operating in Italy include Tata, TCS, Wipro, Engineers India Limited, L&T, Mahindra & Mahindra, Ranbaxy, Raymonds, etc.
Apart from this, six Italian banks have representation in India. Moreover, India's top sectors attracting FDI inflows are the automobile Industry/transportation, food processing, metallurgical industry, textiles, electrical equipment, and others.
Conclusion
The two countries enjoy a cordial relationship. There has been a regular exchange of visits at political and official levels between both countries. Apart from this, both countries enjoy a vibrant diaspora on both sides. If the India and EU sign a trade pact in the coming time, Italy and India can enjoy major two-way trade benefits.
Contacts
- Embassy of India in Italy
Address: Via XX Settembre, 5, Rome, Italy
Telephone: 0039 064884642 - 0039 064884643 - 0039 064884644 - 0039 064884645
Dr. Neena Malhotra (Ambassador) - amb.rome@mea.gov.in
Smt. Neeharika Singh (Deputy Chief of Mission) - dcm.rome@mea.gov.in - Embassy of Italy in India
Address: 50 E Chandragupta Marg, Chanakyapuri, New Delhi - 110 021
Telephone: 0039 064884642
Mobile: +91 - 11 – 26114355
Email : ambasciata.newdelhi@esteri.it
Smt. Neeharika Singh (Deputy Chief of Mission) - dcm.rome@mea.gov.in Vincenzo de Luca (Ambassador)
Secretary of the Head of Mission - segramb.newdelhi@esteri.it
Secretary of the Deputy Head of Mission - ambasciata.newdelhi@esteri.it
Partners
