SME Times is powered by   
Search News
Just in:   • 'Apparel exporters can fill gap vacated by coronavirus-hit China'  • 'Co-living, co-working gets higher rents than traditional realty'  • Madhabi Puri, 3 secretaries in race for SEBI chairman  • Fintech funding in India doubled to $3.7bn in 2019  • Kashi Mahakal Express to start commercial run from today 
Last updated: 19 Nov, 2019  

Exports.9.Thmb.jpg Export concerns

   Top Stories
» 'Apparel exporters can fill gap vacated by coronavirus-hit China'
» Naidu asks youth to join the forces of growth
» Govt not willing to acknowledge slowdown: Manmohan
» Cabinet approves raise of interest subvention for dairy scheme
» Paswan interacts with industry on new consumer protection act
Bikky Khosla | 18 Nov, 2019

Contracting for the third consecutive month, India’s exports fell by 1.1 percent in October. According to data released by the Ministry of Commerce & Industry last week, exports in the month were marginally down to $26.38 billion from $26.67 billion reported for the corresponding period of the previous year. On a sequential basis, however, October exports were higher than $26.03 billion registered in September. Imports too fell for the fifth month in a row by 16.3 percent, leading to a trade deficit of $11 billion.

These external trade figures reflect escalating trade tensions and a slowing global economy. The World Trade Organization has already downgraded its trade growth forecast for 2019 and 2020. It is now expected that global merchandise trade volumes will rise by just 1.2 percent in 2019, against 2.6 percent growth forecast previously in April. The projected increase in 2020 now stands at 2.7 percent, down from the earlier 3 percent. Additionally, the trade organisation has also cautioned that downside risks still remain high.

These forecasts show the need to urgently address the domestic challenges facing the export sector. According to an exporters’ association, issues like uncertainty over MEIS Scheme, which has resulted in pendency of exporters' claim for over three and half months. Also, as their GST and Drawback claims have been held up, the problems have compounded. Similarly, delay in notifying the RoDTEP scheme with new rates for the products could hamper smooth transition to the newly launched scheme.

Meanwhile, retail inflation rose to 4.62 percent in October from 3.99 percent in September, breaching the RBI’s medium-term target of 4 percent for the first time since July 2018. High food prices played the spoilsport. Growth concerns are already putting a damper on the economy and now the sharp uptick in consumer inflation has raised concern that the central bank may not go for a big cut in interest rates in its December policy review.

I invite your opinions.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 21 Feb, 2020
  Daily Poll
Ease of doing business improved in last one year
 Can't say
  Commented Stories
» MSME credit gets a boost (1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter