DMAI Page: Exports surge ahead

Excerpt: As per the data published by the Ministry of Commerce & Industry recently, it is heartening to note that merchandise exports from India has grown 9% in the financial year for 2018-2019

As per the data published by the Ministry of Commerce & Industry recently, it is heartening to note that merchandise exports from India has grown 9% in the financial year for 2018-2019, which stood at US$ 331 Billion. Engineering goods, pharmaceuticals, petroleum products and chemicals accounted largely for this growth. With good exports performance from other sectors as well, overall exports from India have surpassed half a trillion mark in the last fiscal. It is noteworthy that this commendable achievement was possible in spite of various challenges in the global markets.

Imports have also steadily increased during the last financial year, which stood at US$ 507 Billion. This has, therefore, widened the trade deficit to US$ 176 Billion. Eminent economists have expressed their happiness for this export growth, when viewed against the sluggish global trade compounded by contraction in the manufacturing sector.

The weatherman has predicted a normal monsoon during the current year in the country. It is also stated that monsoon shall be well distributed all over the country bringing smiles on the faces of the farming community. Investment sector appears to be well on the surge, as sensex has crossed 39K in the recent past.

The new financial year, it appears, has started on a sound footing, which is likely to grow during the current fiscal, as all sectors including the chemical industry and the colorant industry in particular are likely to grow steadily heralding better days in the year.

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