As the Global recession continues, with countries like US and Britain are the best trudging countries, while China is a conflict zone of results. India has marked some improvement in these difficult times.
Recently, the World Trade Organisation cut the global growth forecast to 1.7% for 2016, almost a percent down from its previous estimate of 2.8%, as it believed that international trade was lagging economic growth across the nations.
At such point, India reported growth in its exports for September by 4.62% to $22.88 billion from $21.87 billion recorded in the same period last year. The number looks impressive in comparison to September 2015 results of a decline in exports by 24.3%.
The data released by the Commerce Ministry informs that cumulatively for the six-month April-September period the exports were down 1.74% in dollar terms at $131.4 billion, as against exports of $133.7 billion over the same period last year. Non-petroleum exports in September 2016 witnessed an increase of 5.44%, it added.
Imports in September 2016 stood at $31.22 billion, 2.54 % lower than the imports of $32.03 billion in September 2015. Cumulative imports for April-September were worth more than $174.41 billion, a fall of 13.77 % fall from $202.27 billion of imports recorded last year in the same period.
Consequently, the trade deficit witnessed an 18% decline from $10.17 billion in September 2015 to $8.34 billion in September 2016. Cumulatively for April-September it declined for more than 37% to $43 billion against $68.55 billion in the same period of 2015-16.
According to the reports, engineering sector has grown 6.5%. It is on the rise for the past couple of months. Gems and jewelry, textiles and handicrafts exports are also showing positive trend.
These are the sectors analysts say, will give boost to Prime Minister Narendra Modi’s Make in India initiative, Deccan Herald said in its report. But, the difficult land and labour laws can be an impediment in the long run and may hinder a sustained growth in these sectors as well, it added.