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.
While domestic production's turned sluggish, exports have suffered owing to preferential tariff treatment towards countries like Bangladesh & Vietnam and cheap imports from China.
In exclusive interview to ThePrint, DGFT Santosh Kumar Sarangi talked about India's free-trade agreements with UAE & Australia, new Foreign Trade Policy & China opening up its economy.
Rising Covid-19 cases in China has surged demand for fever medicines & test kits. As one of the world's biggest drug makers, India is ready to step up exports, said Pharmexcil chairperson.
India is expected to produce record sugar crop this year, which could allow New Delhi to export up to 8 million tonnes, the government and industry official said this month.
PM Modi launched National Logistics Policy Saturday. Exporters in high-value sectors like gems & jewellery welcome it but have concerns about implementation of digital services.
Twenty per cent export tax on several varieties of rice. 'Circumstances exist which render it necessary to take immediate action', says revenue dept notification.
Driving an electric vehicle for months, the Hyundai IONIQ5, BMW iX and now the Kia Carens Clavis electric, has convinced me of the viability of EVs for city and mid-range commutes.
With the US-India trade deal yet to get done, rupee depreciation may be helping to mitigate India’s loss of competitiveness. The other problem is extreme despondence among overseas equity investors.
Of the total package, $649 million will be utilised for additional hardware, software, and support services, and the remaining for Major Defence Equipment (MDE).
Don’t blame misfortune. This is colossal incompetence and insensitivity. So bad, heads would have rolled even in the old PSU-era Indian Airlines and Air India.
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