November exports to the US saw 10% growth from the previous month. Overall, in the first 8 months this fiscal, the merchandise exports to the US touched has touched $59bn.
To reduce its reliance on the US market, India has been expanding its trade diplomacy. After the Gulf Cooperation Council bloc-wide deal stalled, India signed a CEPA with the UAE.
In 2024-25, India exported $387.54 bn worth of services, against imports of $198.14 bn, earning all-time high surplus of $189.40 bn. This offset 2/3rd of goods trade deficit.
India posted healthy growth in exports in October, even as imports grew sequentially. Donald Trump’s policy stance will have significant impact on India’s trade balance with US.
Despite contraction in exports, India’s merchandise trade deficit improved in 2023-24, owing to steeper drop in imports. However, the trade deficit with China & Russia widened.
This comes when many global agencies have revised upwards their global growth projections for 2024, which could further boost exports. US India’s top export destination, followed by UAE.
Centre has set an export target of $2 trillion by 2030, offering benefits to boost exports of electronics, engineering, pharmaceutical, and other goods.
A sound tax system is one based on the ability to pay or economic surplus. But the STT taxes the circulation of capital and not its returns, making it deeply distortionary.
Exporters said the Budget’s proposals to increase duty-free import limits on processing, create 500 reservoirs and support fisheries startups will boost the marine industry.
With recruitments under Agnipath set to rise, the Union Budget has significantly increased spending, with the Army taking nearly 87% of the total outlay.
The key to fighting a war successfully, or even launching it, is a clear objective. That’s an entirely political call. It isn’t emotional or purely military.
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