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.
Backing his cause for the reciprocal tariffs, US president accused Joe Biden's 'sleepy' presidency for trade surplus & said that tariffs will bring in money into America.
US Secretary of Commerce Howard Lutnick Friday urged New Delhi to reduce its reliance on Russian defence platforms and hit out at BRICS for its de-dollarisation efforts.
Use of tariffs stems from the urgency to curb rising US trade imbalance. US trade deficit in goods widened to $1.2 trillion in calendar year 2024 from $1.06 trillion in 2023.
Senior White House officials also said that a new defence framework is close to being signed, while the US President is likely to push New Delhi to purchase more American oil.
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.
India-US trade in first 3 yrs under Biden was $122 bn, while it was $83 bn in Trump’s first term. Average trade surplus in India’s favour grew from $18 bn under Trump to $31 bn under Biden.
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.
India’s merchandise trade deficit dipped to 12-month low of $17.7 bn in Jan, while services trade surplus rose to record $16.5 bn. Services exports jumped by more than $4 bn in December.
Siddaramaiah govt’s five schemes strain finances as GST changes hit revenues; debt to jump nearly Rs 80,000 crore. State also plans to auction liquor licences & extend bar timings.
Contract for construction of four MILGEM-class ships was signed in 2018. PNS Bedir is to be delivered by June 2026, while PNS Tariq is due for delivery in first quarter of 2027.
If Pathaan gave both conservatives and liberals room to hide, Dhurandhar extends no such courtesy. Aditya Dhar ripped open that tent of hypocrisy and turned the knife.
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