India's exports rose marginally to $27.15 billion in December 2020, while imports surged 7.56 per cent to $42.59 billion, official data showed on Friday. The merchandise exports were valued at $27.11 billion in December 2019 while imports had totalled $39.59 billion.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
'In staples, we have still managed in rural areas.'
'Our target will come from rural areas as there are more outlets there.'
A hefty increase of Rs 1 lakh crore (Rs 1 trillion) in farm credit target to Rs 5.75 lakh crore (Rs 5.75 trillion) was a major highlight for the sector in 2012, while the continuing farmers suicide and the reports of a Parliamentary panel and a Supreme Court appointed committee recommending ban on field trial in GM crops were setbacks.
The Indian economy is projected to grow at 6.3 per cent in current financial year aided by investment and domestic demand. According to a World Bank report released on Tuesday, India continues to show resilience against the backdrop of a challenging global environment. In India, which accounts for the bulk of South Asia region, growth is expected to remain robust at 6.3 per cent in 2023-24, India Development Update of the World Bank said.
India's exports fell 9 per cent to $23.43 billion in November due to a drop in shipments of segments such as petroleum products, engineering and chemicals, even as the trade deficit narrowed to $9.96 billion during the month, according to official data released on Wednesday. Imports also slipped 13.33 per cent to $33.39 billion in the month under review. In November, oil imports dipped 43.34 per cent to $6.27 billion. It was down by 48.7 per cent to $44.10 billion during April-November 2020, the data showed. Exports during April-November 2020 were $173.49 billion, compared with $211.17 billion during the corresponding period a year ago, exhibiting a negative growth of 17.84 per cent.
Rising prices have hit export of Basmati rice this year
India is one of biggest producers and exporters of agri commodities.
But the government rejected their demand and instead promised to hold an internal inquiry.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
ITC Ltd on Friday reported a 23.09 per cent increase in consolidated net profit at Rs 5,070.09 crore for the third quarter ended December 2022, helped by growth momentum across its operating segments. The diversified company had posted a net profit of Rs 4,118.80 crore during the October-December quarter of the previous fiscal, ITC said in a regulatory filing. Its revenue from operations was up 3.56 per cent to Rs 19,020.65 crore during the quarter under review, as against Rs 18,365.80 crore in the corresponding period of the previous fiscal.
The India Meteorological Department forecast on Tuesday of normal rainfall this monsoon boosted prospects of farm output this season.
In spite of an overall healthy rise in exports, there are many traditional sectors which used to be the mainstay of India's exports in the past, but are now suffering from significant weaknesses, says A K Bhattacharya.
'We are engaging in substantial open market sales of both wheat and rice to control food inflation; special measures of market intervention in vegetables, pulses and oil seeds were also taken to cushion the impact.'
India on Friday lifted a 28-month ban on wheat export by allowing export of 900,000 tonnes of the grain by government-owned trading agencies.
India today lifted a 28-month ban on wheat export by allowing export of 900,000 tonnes of the grain by government-owned trading agencies.
Sectors, which, recorded healthy export growth included electronics, engineering, chemicals, pharma and tea.
The country's exports jumped by 60.29 per cent to $34.45 billion in March even as the outbound shipments contracted by 7.26 per cent during the full 2020-21 fiscal to $290.63 billion. Imports too grew by 53.74 per cent to $48.38 billion in March, but dipped by 18 per cent to $389.18 billion during April-March 2020-21, according to the government data released on Thursday. Trade deficit during March 2021 widened to $13.93 billion from $9.98 billion in March 2020.
Imports during October also rose by 17.62 per cent to $44.11 billion, leading to widening of trade deficit to $17.13 billion.
External Affairs Minister Pranab Mukherjee is undertaking day-long visit to Bangladesh on Saturday to express solidarity with the people of the neighbouring country where heavy loss of life and widespread destruction was caused due to cyclone more than a week ago.
Hinting at hard measures like further ban on exports to control rising prices, Finance Minister P Chidambaram has said inflation is also being stoked by cartel like behaviour in some sectors of Indian economy. Noting that soaring prices of rice and other basic food items are a matter of worry, Chindambaram said inflation is also being stoked by a mismatch of supply and demand and by cartel-like behaviour in some sectors of the economy. Export bans in steel were considered.
Imports too contracted by 28.72 per cent to $31.16 billion. Dip in exports and imports narrowed the trade deficit -- the difference between imports and exports -- in March to $9.76 billion, the lowest in the last 13 months.
Inflation rises to 7 per cent for the week ended March 22, against 6.68 per cent in the previous week.
Diversified entity ITC Ltd on Thursday reported a 22.66 per cent rise in consolidated net profit at Rs 5,225.02 crore in the fourth quarter ended March 2023, led by a strong growth momentum across operating segments. The company had posted a net profit of Rs 4,259.68 crore a year ago, ITC Ltd said in a regulatory filing. Its revenue from operations increased 7 per cent to Rs 18,799.18 crore in the period under review against Rs 17,754.02 crore in the year-ago period.
India's private and state government-owned ports (non-major ports) continued to grow faster than those owned by the Centre (major ports) through the first three quarters of 2023-24 (FY24), cargo handling data shows. At 604 million metric tonnes (mmt), cargo at major ports grew by 5 per cent between April and December, while non-major ports' cargo traffic growth was 11 per cent at 531 mmt. During December 2023, central government-owned ports in India handled cargo volumes of 69.9 mmt, a tepid year-on-year (Y-o-Y) growth of 0.7 per cent.
The government on Tuesday said the week-long delay in the monsoon will in no way affect India's overall food and agriculture scenario and assured continuity in the country's grain export policy.
Imports also rose by 2.6 per cent to $41.1 billion in the month under review, leaving a trade deficit of $14.92 billion.
The area under paddy - the biggest foodgrain during the kharif season - was almost 13 per cent lower in the week ended August 5 as compared to the same period last year despite a slight pick-up in rains in the main growing regions, triggering fears of a 10-12 million-tonne drop in final output. Sources said with the peak sowing season for paddy almost coming to an end in the big-growing states, any uptick in coverage from here onwards may not give the desired yields. With 30 per cent of normal average area in which paddy is grown every year remaining unsown till early August, there is a limited chance of a big uptick in output, trade and market sources said.
Imports too dipped by 23.1 per cent to $25.41 billion in the month under review as against $33 billion in April 2015.
The ban on onion export is temporary and will be reviewed every two weeks until its prices decline below Rs 15 per kg.
In April-August this fiscal, the overseas shipment contracted by 31.3 per cent to $63.9 billion from $93.1 billion in the same period last year. For the first five month of 2009-10, three sectors -- rice, tobacco and fruits and vegetables --have shown positive growth, commerce secretary Rahul Khullar said.
Baga and Gokarna make the list of the world's top 100 beaches.
Exports of petroleum products, chemicals, pharmaceuticals, gems and jewellery, and engineering goods registered a positive growth.
'Had they agreed to our demands that we raised two years ago, we would have never started our agitation again.'
Imports increased by 4.5 per cent, the highest growth in the last six months as crude oil and gold shipments shot up in the month.
Commerce secretary Sunil Barthwal is set to attend a two-day meeting from October 23 at the World Trade Organization (WTO) headquarters in Geneva, that would focus on finding solutions and giving the 'necessary political push' for at least some crucial global trade issues. Next week's meeting comes ahead of the WTO's 13th ministerial conference (MC13), scheduled in Abu Dhabi in February 2024. It will see participation of senior government officials from all WTO member nations.
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