• UGI USER
  • Jul 19, 2024
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“INDIA’S TRADE DEFICIT AND EXPORT POLICY CHALLENGES”

Why in the news?

  • India’s goods exports increased by 2.55% to $35.2 billion in June, while imports grew 5% to $56.2 billion.
  • The trade deficit rose by 9.4% from last June but slightly eased from May.
  • Oil deficit remains a concern despite narrowing to $10 billion; petroleum exports fell 18.3%.
  • Gold imports dropped 38.7% to $3.06 billion, while silver imports surged by 377%.
source:researchgate

About Trade Deficit: 

  • Trade Deficit: Occurs when imports exceed exports.
  • Definition: A negative balance of trade.
  • Calculation: Imports value – Exports value = Trade Deficit.
About India’s Foreign Trade Policy 2023:

  • Process Re-engineering: Streamline and automate processes to ease business for exporters.
  • High-Tech Focus: Address dual-use high-end technology items.
  • E-Commerce: Facilitate e-commerce exports.
  • State Collaboration: Partner with States and Districts for export promotion.

Associated Article:

https://universalinstitutions.com/indias-trade-deficit-widens-amid-rising-imports-exports-grow/