In India, Prime Minister Narendra Modi has kickstarted the Self-Reliant India Movement (Atma Nirbhar Bharat Abhiyan). According to the highlights of this movement, India is going independent or self-reliant. The country has increased the internal production of electronic appliances, agricultural goods, and others under this movement. Since the beginning of this movement, India Import Export data had high hopes of disclosing a surplus at the end of the financial year. Yet, in February, the trade deficit has increased and made it to 12.88 billion US Dollars. Further, Cybex also reported a 7% increase in India's imports after finalizing the latest import-export data.
So, here are a few facts and conclusions that lead to contribute to the trade deficit and countable increase in imports:
- India faces a 0.25% decline in Merchandise Exports. On the other hand, respective imports increased by 6.98%.
- From April 2020 to February 2021, India export data faces a 12% fall, whereas the import data also face a 23% loss.
- In February 2020, India's trade deficit was at 10.16 billion USD. Now, in February 2021, the trade deficit increased up to 12.88 billion USD.
Cybex.in also keenly researched this matter. Thus, the final Import Export Data of India 2020 and 2021 revealed a severe change in the demand and supply/import and export of several goods categories. Check out the following facts:
- Category of non-oil and non-GJ products like gold, valuable metal, and silver faced up to 7.5% increment in imports.
- On the other hand, the exports of high-quality Indian cereals, edible meals, jute, rice, and iron ore increased at a high rate - from 30% (Rice) to 543% (cereals).
- Silver imports in 2021 fall by 90% approximately.
- India Coal Briquette import data 2021 shows a decline equivalent to 28%.
- Also, India Leather import data 2021 disclosed a fall in demand by 27% approximately.
To begin with, at this point, it would be very general to say that India imports more commodities at a large volume than it exports. Thus, it creates a trade deficit. On the one hand, where the exports have upscaled. The import in India hasn't faced a remarkable decline which it should.
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