False

$show=search/label/May%202022

 


India’s increasing trade deficit UPSC NOTE

 

  • India has witnessed a 10.3% decline in goods exports, marking the fourth successive month of contraction in outbound shipments. 

  • This trend indicates a concerning situation for India's trade performance.

  • Various sectors, including engineering goods and textiles, have faced challenges in exports. 

  • Engineering goods, which constitute a significant portion of India's export basket, have contracted for 11 consecutive months. 


  • The textiles sector has also experienced contraction for seven straight months, highlighting the difficulties faced by exporters across different industries.

  • Petroleum exports have seen a 30% decline, largely influenced by cooling global prices. 

  • This decline in petroleum exports is in line with the overall trend affecting other commodities' export values and volumes.

  • While there was a 26.7% growth in services exports last year, contributing to narrowing trade and current account deficits, the growth rate has slowed down significantly. 

  • The reversal in the pace of growth began in March and continued in May, with a meager 0.7% rise in global services receipts. 

  • This slowdown in services exports indicates a broader global economic slowdown impacting the demand for services.


Steps to be taken

  • India should focus on diversifying its export markets to reduce dependence on specific regions or countries. 

  • Exploring emerging markets and strengthening trade relations with existing partners can help mitigate the impact of market fluctuations.

  • The government and industry should work together to enhance the competitiveness of Indian products in the global market. 

  • This can be achieved through investments in research and development, upgrading infrastructure, and promoting innovation in various sectors.

  • Encouraging domestic manufacturing and promoting value addition in exports can help reduce the trade deficit. 

  • By moving up the value chain and producing goods with higher value-added components, India can capture a larger share of the global market and increase export earnings.

COMMENTS

Name

Amritsar,1,Art & Culture,1,August 2023,251,Courses,7,Daily Current Affairs,48,December 2023,189,Disaster Management,2,Environment and Ecology,54,February 2024,208,Foundation Course,1,GDP,1,GEMS Club,1,GEMS Plus,1,Geography,67,Govt Schemes,2,GST,1,History,2,Home,3,IAS Booklist,1,Important News,71,Indian Economy,46,Indian History,2,Indian Polity,56,International Organisation,12,International Relations,58,Invasive Plant,1,January 2024,240,July 2023,281,June 2022,6,June 2023,268,May 2022,17,Mentorship,2,November 2023,169,October 2023,203,Places in News,2,Science & Technology,66,September 2023,205,UPSC CSE,111,
ltr
item
Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India’s increasing trade deficit UPSC NOTE
India’s increasing trade deficit UPSC NOTE
https://lh3.googleusercontent.com/diXAJSm6HHqnsJtSavW8ZrRte1m9WFk0syvA-6jmr21S49ERUP8pLyK1RJyKWpOzsPoD1GBhS7BHAQStLIMfrhA_9exejclumQFsvJCKzGxKrhTd0KxzKhIcyIcj1WmOAUmLaC9OPFMCUyGIk0MyxWQ
https://lh3.googleusercontent.com/diXAJSm6HHqnsJtSavW8ZrRte1m9WFk0syvA-6jmr21S49ERUP8pLyK1RJyKWpOzsPoD1GBhS7BHAQStLIMfrhA_9exejclumQFsvJCKzGxKrhTd0KxzKhIcyIcj1WmOAUmLaC9OPFMCUyGIk0MyxWQ=s72-c
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
https://www.learnerz.in/2023/08/indias-increasing-trade-deficit-upsc.html
https://www.learnerz.in/
https://www.learnerz.in/
https://www.learnerz.in/2023/08/indias-increasing-trade-deficit-upsc.html
true
4761292069385420868
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content