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Trade Deficit Widening in India UPSC NOTE

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  India's merchandise trade deficit has widened significantly in recent months . The record import bill in August contributed to the wi...

 

  • India's merchandise trade deficit has widened significantly in recent months.

  • The record import bill in August contributed to the widening deficit.

  • Exports have declined in the past two months, while imports have continued to grow.

Factors Affecting Trade Deficit

  • Gems and Jewelry: A significant decline in gems and jewelry exports contributed to the deficit.

  • Gold Imports: Increased gold imports due to reduced import duty and rising gold prices also impacted the deficit.

  • Oil Imports: Despite lower oil prices, India's oil import bill remained high.


Impact of Trade Deficit

  • The widening trade deficit is not considered a major risk to the economy at present.

  • India's foreign exchange reserves remain strong, providing a buffer against the deficit.

  • Services exports are expected to offset the impact of the goods trade deficit.

Global Trade Trends

  • Slower Growth: Global trade is expected to grow slower than in 2023.

  • Tepid Demand: Demand in developed markets remains tepid.

  • Geopolitical Risks: Festering geopolitical risks and conflicts are impacting global trade.

  • Tariff Barriers: Tariff hikes and non-tariff barriers are hindering trade.

Challenges for India's Exports

  • Global Economic Slowdown: The slowing global economy presents challenges for India's exports.

  • Trade Barriers: Tariffs and non-tariff barriers are increasing.

  • New Trade Walls: The EU's Carbon Border Adjustment Mechanism and Deforestation Rules pose additional challenges.

  • The road ahead for India's exports is likely to be challenging.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Trade Deficit Widening in India UPSC NOTE
Trade Deficit Widening in India UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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