Bangladesh, a major export market for India, is already grappling with inflation & unemployment. The unrest can worsen the situation, impacting import demand.
Removal of restrictions is expected to contribute towards economic stability. Exports were prohibited from 8 Dec 2023 due to an estimated 20% decline in Kharif and late Kharif production.
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.
Despite multiple agencies being involved, the US could maintain a clear chain of command. This is something India should consider too, as it defines the theatre command structures.
The latest comment comes as New Delhi and Washington have yet to sign a trade agreement. India’s purchase of Russian oil has reduced, but Moscow remains top source for crude.
Venezuela also boasts of a diverse portfolio of unmanned aerial vehicles capable of carrying out surveillance, reconnaissance and being employed for kinetic purposes as well.
Many of you might think I got something so wrong in National Interest pieces written this year. I might disagree! But some deserve a Mea Culpa. I’d deal with the most recent this week.
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