Trade tensions between the US and China have given India an opportunity to ramp up exports to both countries
From a competitiveness perspective the RBI may choose not to let the currency gain too much
"We need to address the root cause of problems hurting the exporters and industry," said Commerce and Industry Minister Piyush Goyal
In 2018, India's goods and services trade with the US totalled $142.1 billion, with exports constituting $83.2 billion
Exporters faced a volatile year and don't expect FY20 to be much better
Latest downturn stems from structural adjustments in Chinese economy & trade war with US, both of which remain beneficial for India, they say
In FY18, India's exports grew by 9.77% while imports shot up by 21.13%
However, trade deficit continued to rise, pushed up by widening oil imports
India produces 600 metric ton of agricultural produce and has the capacity to export excess production to the world
Gireesh BabuEven as the global environment has become very challenging, the Indian exports is expected to touch record figures, as it has already been in a growth trajectory for the last two and a half years consistently, said senior official from the Government of India. Speaking to reporters after a meeting with the exporters in Chennai, organised by Federation of Indian Export Organisations (FIEO), Anup Wadhawan, commerce secretary, Department of Commerce, Ministry of Commerce and Industry said, "I think our exports will be a record figure. We will do better than whatever the earlier peak was. Given the export growth we see now, I am confident that the number we will reach in the end will be a record, both dollar and Rupee," without putting any specific number to the expected growth. According to industry experts, the government is targeting exports to reach $350 billion during the current ficsal year.In terms of exports the growth is healthy, at 12 per cent plus in dollar terms ...
The trade deficit, or the gap between imports and exports, was estimated at $13.98 billion during September 2018
The policy of throwing money in the name of export promotion through an opaque process encourages lobbying and corruption
While efficiency-enhancing govt reform has not materialised, the persistent overvaluation of the rupee means relative prices of Indian exports globally do not get any help from that quarter either
"There is huge exports potential in Iran but we are facing payment problems due to the US sanctions," says FIEO President
Currently, priority sector lending is confined only to specific sectors including agriculture under which banks are required to achieve their annual lending target
The duties would be significantly reduced or eliminated over the period of eight to 10 years by both the sides
Imports too rose by 14.85% to $43.48 bn during May, which widened the trade deficit to a four-month high of $14.62 bn according to the data released by the commerce ministry
Apart from the two departments making up the commerce and industry ministry, this will apply to Ministries of Electronics and IT, Agriculture, Textiles, Petroleum, among others
The Chinese tariff barriers on US soya bean imports should also act as a blessing in disguise for Indian exports
Exports constitute only around 18 per cent of the $2.6-trillion GDP, which is currently the fifth largest in the world after the US, China, Japan, Germany and Britain