In a letter to Speaker of the US House of Representatives Nancy Pelosi, Trump said he was determined that New Delhi had "not assured" the US that it would "provide equitable and reasonable access" to the markets of India.
Exports touched a two-year high of $18.02 billion in September, an increase of 23.3 per cent over that in the month last year.
A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the $800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to $385.4 billion during January-June this year, as against $379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to $415.5 billion during the six months of this year, as against $441.7 billion in January-June 2022.
Merchandise exports rose 30.4 per cent year-on-year to $17.75 billion in June, while imports grew by 23 per cent to $28.3 billion, resulting in a trade deficit of $10.55 billion.
The fiscal deficit, as per the survey, deteriorated to 5.8 per cent of the GDP as compared to 3.4 per cent for 2018-19 estimated in the interim Budget.
The much-delayed Foreign Trade Policy (FTP), which will roll out steps to boost exports, is expected to be unveiled soon.
Prices may go up because of higher energy costs, caused by the rise in shipping charges, with commercial vessels taking a longer route to avoid the troubled Red Sea region, the finance ministry said on Monday. Iran-backed Houthi rebels of Yemen are repeatedly attacking ships in the Red Sea. While the global economy is grappling with challenges such as sticky inflation, sluggish growth, and mounting fiscal pressure, India's external sector could face "potential risks" due to the ongoing geopolitical tensions, according to the finance ministry's report on the review of the Indian economy.
Currently, the five-year FTP aims to raise total exports to $900 billion but targets may be reduced
Forex dealers said besides dollar's gains against the euro overseas, increased demand from importers for the US currency and a lower opening in the domestic equity market also put pressure on the rupee.
India will play Germany on June 8 in their next match at the same venue.
With Beijing remaining intransigent on the withdrawal of additional troops deployed by the People's Liberation Army (PLA) since the deadly border clash in 2020 in eastern Ladakh, India's bilateral ties with China remained frozen in 2023 with no forward movement on the horizon despite several rounds of diplomatic and military talks.
India's current account deficit, which is the excess of foreign exchange outflows over inflows, touched a historic high of 4.8 per cent of GDP in 2012-13, mainly due to rising imports of gold and petroleum products.
The 30-share Sensex ended up 46 points to end at 28,122 and the 50-share Nifty gained 20 points to close at 8,514.
Investors turned cautious after India's trade deficit widened to a more than three-and-a-half-year high of $16.6 billion due to costlier crude oil imports
'If we play our cards right, we may even benefit from the competition between the US and China as seen from increased investment from each of these countries into India.' 'The size of our market gives us an important lever of power which we shall have to play adroitly and intelligently,' points out Ambassador Gautam Bambawale -- who served as India's envoy to China -- in the Professor V M Dandekar Memorial Lecture 2019, delivered on March 8, 2019 in Pune.
The improvement in the current account deficit is expected to provide a major reprieve to the government and the Reserve Bank of India which have been battling to prop up the rupee.
Imports stood at $37.8 billion, leaving a trade deficit of $10.56 billion as against $20.2 billion in October 2012, official data showed.
It would be a miracle indeed if we grow at 7/8 per cent a year over the current and next few years, says A V Rajwade
India's exports increased by 26.9 per cent in August, while the import bill soared by 51.2 per cent leaving a trade deficit of $13.94 billion for the month.
The impact of currency depreciation can also be mitigated by holding a portion of your investment portfolio in dollar-denominated assets.
It was primarily due to a higher trade deficit ($41.6 billion) brought about by a larger increase in merchandise import.
'If such inflows materialise, what will be the effect on the rupee's value -- and therefore on exports growth, the only sustainable path to recovery?', asks Mihir S Sharma.
The banking system liquidity bounced back to surplus mode after three weeks, the Reserve Bank of India (RBI) data showed. This was due to government spending, according to dealers. The liquidity situation could further ease with the disbursement of the last tranche of incremental cash reserve ratio (I-CRR) worth Rs 50,000 crore on Saturday.
Oil and gold had accounted for 45 per cent of India's imports bill in 2012-13.
China said on Monday the additional barriers set by India for investors from specific countries violate the World Trade Organisation's principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment. "More importantly, they do not conform to the consensus of G20 leaders and trade ministers to realise a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open," said a statement issued by the Chinese embassy in New Delhi.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
In 2012-13, the Centre managed to cut fiscal deficit to 4.9% of GDP, lower than the Budget revised estimates of 5.2%
'Those trying to use these funds for quick gains should avoid them due to risk of being late to the party.'
India's exports during January 2005 registered a record 33.17 per cent growth but the trade deficit widened during the first 10 months of the current fiscal to about $22.68 billion.
India's exports have fallen since last year as demand slowed from major sales destinations, adding to the country's economic gloom and heightening worries about its trade and current account deficits.
On the rupee, it expects some appreciation pressure on in the near term from greater portfolio flows.
The main export sectors including engineering, petroleum products and gems and jewellery have recorded negative growth.
India's exports surged by a strong 29.59 per cent in May 2006 to $9.35 billion compared to $7.22 billion in the same month last year, but trade deficit widened to $8.08 billion in the first two months of this financial year.
Although India's share in the world toy trade has marginally improved, it still lags behind China's. Toys are not China's main item of export, but about two-thirds of the toys sold globally are from China. The world exported toys worth $73.2 billion in 2021: China accounted for 66.2 per cent, or $48.5 billion of that, out of which mainland China made up $46.1 billion and Hong Kong $2.4 billion.
The 30-share Sensex ended down 556 points at 27,886.
The 30-share Sensex ended down 556 points at 27,886.
The new fiscal began well for India's exports which grew 17.2 per cent in April 2005-06 but imports surged ahead with 51.05 per cent growth, widening the trade deficit to $3.85 billion.
India's Sumit Nagal becomes 1st Indian to win match at Masters on clay since 1990!
The contraction in imports helped narrow trade deficit to $7.67 billion in August 2016
The 50-share NSE Nifty also ended down 12.85 points, or 0.12 per cent, at 10,477.90. Intra-day, it shuttled between 10,534.55 and 10,460.45.
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