SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 18 Jan, 2023  

Exports.9.Thmb.jpg Exports need big policy push

exports-new012010.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
Bikky Khosla | 17 Jan, 2022

Merchandise exports for the month of December fell by 12.2 percent to $34.48 billion against $39.27 billion in the corresponding month of 2021. In contrast, imports fell to $58.24 billion against $60.33 billion YoY. Trade deficit increased to $23.76 billion against $21.10 billion YoY, but it narrowed to the lowest level in eight months from $23.89 billion in November. Overall, the foreign trade environment is not that encouraging.

There is no doubt that weak global demand has continued to weigh on India’s exports. Majority of economists are anticipating a global recession in 2023. Geopolitical tensions, volatility in currencies, high inventories – these are some major challenges our exporters are struggling with for quite some time now, and unless this situation improves drastically, the coming months would be extremely difficult for the sector.

The Budget is ahead, and it is an opportunity for the government to take comprehensive cushioning measures for the sector. According to industry watchers, this situation demands urgent steps to ensure easy liquidity at competitive cost. Extension of ECLGS, IGST exemption o­n freight o­n exports, PCFC extension, notification of RoDTEP rates are some of the major suggestions put forward by experts in this regard.

Meanwhile, engineering goods exports have suffered the brunt of the weak demand in advanced economies. Latest data shows that exports from the sector fell 12 percent to $9.08 billion in December, 2022 against $10.30 billion in December 2021. Considering this as well as the dim global economic outlook for 2023, the Centre should come up with a comprehensive policy to arrest this downfall.

I invite your opinions.

 
Print the Page
Add to Favorite
 
Share this on :
 

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

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter