Growth is never by mere chance, it is the result of forces working together. India’s economic growth and development have reached a higher altitude making it the fastest growing economy in the world. This is the result of import, export, production, manufacture, markets and trends overall.
The nation has revealed the overall exports, merchandise and service combined at USD 439.98 billion for April-January 2018-19, exhibiting a positive growth of 9.07 per cent over the same period last year. However overall imports for the same period are estimated to be USD 530.55Billion, exhibiting a growth of 10.74 per cent.
Exports in the month of January 2019 specifically reached USD 26.36 Billion, as compared to USD 25.41 Billion in January 2018, trading in merchandise. In Rupee terms, exports were Rs. 1,86,453.23 crore, registering a positive growth of 15.31per cent. Meanwhile the imports count to Rs 29,87,918.68 crore registering a positive growth of 20.68per cent for the period till January this year.
Major commodity groups of import showing negative growth constitute Petroleum and crude oil products, transport equipment, pearls, precious and semi-precious stones, vegetable oil, Metaliferrous ores and other minerals. Oil imports in January 2019 were Rs 79,508.06 crores, which was 7.16 per cent higher, compared to Rs 74,195.96 crore in January 2018.
Meanwhile for the service sector, the exports in December 2018 were Rs1,26,799.64 crores, registering a positive growth while the imports in December 2018 were Rs.80,463.70 crores. Taking merchandise and services together, overall trade deficit for period from April to January 2018-19 is estimated at USD 90.58 billion as compared to USD 75.73 billion, corresponding period.
COURTESY :- NEWS BHARATI