Now most economists and policy experts focus of China’s relentless exports machine. However, few of them realise that China also imported around $243.6 billion of goods from the rest of the world in 2001. (Exports from China were $266.7 billion.)

Chinese imports are expected to further increase when the world’s most populous country brings down its import barriers after joining the World Trade Organisation (WTO). For example, one US think-tank estimates that post-WTO membership, America’s exports to China will climb from $19 billion in 1998 to $44 billion in 2009. And this effect will be multiplied in country after country.

This is the opportunity that, unfortunately, Indian companies often fail to recognise. Focus on this one important fact: China was among the fastest growing markets for Indian exports during the 1990s, according to the research house Center For Monitoring Indian Economy (CMIE).

Starting from a low base of $48.7 million in 1991-92, exports to China have exploded to $925.7 million in 2001-02. The growth rate during the decade was a whopping 34.2% a year.

There a few other countries that have increased their purchases of Indian goods at more than 30% a year. These, says CMIE, include Ethiopia, Vietnam and Myanmar. Nevertheless, their economies are much too small to ensure that this growth is significant for the Indian economy as a whole. China, on the other hand, is now the twelfth largest destination for exports from the Indian shores. Other than Singapore, it was our fastest-growing major export market in the year 2001-02.

This implies that even as the rest of the world economy continues to struggle, exports to China will gain greater importance.

However, pharmaceutical exports, too, are growing smartly. They now account for 9% of total exports to China. We have a huge and vibrant economy next door, and it’s ready to open its doors. Isn’t it time Indian industry realised this?