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.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
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