Data shows that India’s refined petroleum exports went from $96.57 billion in FY23 to $61.41 billion in FY24. Experts say decline is mainly due to Russia-Ukraine war.
Exports fall to $3.38 trillion. This highlights a larger slowdown in global economy, while US & allies continue to push for friendshoring supply chains.
China has announced export controls on graphite days after US instituted curbs on semiconductor chips. Countries like India, in process of transitioning to green energies, to be affected.
The country's exports to the Gulf nation in the electrical machinery & equipment and automobiles sectors grew by 32% & 42% respectively year-on-year between April 2022-March 2023.
New FTP expects e-commerce exports to grow up to $200-300 billion by 2030. It also proposes reduced licence fees for MSMEs, provisions for merchanting trade & more.
February merchandise exports were $33.88 billion, up from $32.91 billion in January, while imports rose to $51.31 billion from $50.66 billion, data showed.
Bhupen Wakankar, director of global trade at Amazon India, says e-commerce export is the simplest way for any business to get access to international buyers.
Global trade growth fell in 2022, 'and is expected to be still lower in 2023 with a further decline in volume & value of trade on the back of slowing global output,' the ministry said.
Strong domestic demand amidst high commodity prices will raise total import bill and contribute to unfavourable developments in the current account balance, warns report.
Peter Manuel's ‘Cassette Culture’ showed the booming Bhakti music during the '80s and '90s when Anoop Jalota, Gulshan Kumar achieved success by singing the sanitised Bhajans.
Economists say there are weaknesses in India’s GDP data. But statisticians claim the accusations are based on flawed understanding, saying while GDP has problems, the economists are looking in the wrong places.
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