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Jan exports up, imports down
According to the latest data released by the government, India’s exports in January 2021 have increased by 6.16% to $27.45 billion, while imports have decreased by 9.07% to $40.16 billion. This is a positive sign for the Indian economy, which has been struggling due to the COVID-19 pandemic.
The increase in exports can be attributed to the rise in demand for Indian goods in the global market. The government’s efforts to promote exports through various schemes and incentives have also played a significant role in boosting exports. The major sectors that have contributed to the increase in exports are engineering goods, pharmaceuticals, and chemicals.
On the other hand, the decrease in imports can be attributed to the decline in demand for foreign goods due to the pandemic. The government’s decision to impose restrictions on imports of non-essential items has also contributed to the decrease in imports. The major sectors that have witnessed a decline in imports are gold, petroleum, and electronic goods.
The increase in exports and decrease in imports have resulted in a significant improvement in India’s trade balance. The trade deficit has narrowed down to $12.71 billion in January 2021 from $15.30 billion in January 2020. This is a positive sign for the Indian economy, which has been struggling with a widening trade deficit for the past few years.
The government’s focus on promoting exports and reducing imports is in line with its vision of making India a self-reliant and self-sufficient economy. The government’s flagship program, Atmanirbhar Bharat, aims to promote domestic manufacturing and reduce dependence on imports. The increase in exports and decrease in imports are a step in the right direction towards achieving this goal.
In conclusion, the increase in exports and decrease in imports in January 2021 is a positive sign for the Indian economy. The government’s efforts to promote exports and reduce imports have started yielding results. The focus on promoting domestic manufacturing and reducing dependence on imports is in line with the government’s vision of making India a self-reliant and self-sufficient economy.