In fact, the bigger news is that the CAD can be expected to cross into surplus territory this year, as barring any untoward surprises in the upcoming March trade data, the merchandise trade deficit in January to March period of 2024 has so far remained capped, largely unscathed by the unscathed by the Red Sea disruptions.
India's CAD narrowed to 1.2 per cent of the GDP in October-December quarter of 2023 from 1.3 per cent of GDP in Q3, with the wider merchandise trade deficit countered by a pick-up in the services surplus and healthy remittances. The merchandise trade deficit had widened to USD 18.7 billion in February from USD 16.5 billion in January with a spike in gold imports to a four month high of USD 6 billion contributing to the widening in the merchandise trade deficit last month. However, during April-February FY2024, the positive impact of the drop in the value of imports outweighed the negative impact of a decline in exports, thereby leading to narrowing of merchandise trade deficit.
The Finance Ministry also points out that the narrowing merchandise trade deficit is fuelled by falling international commodity prices. "A welcome decline in global commodity prices from their post-Ukraine conflict highs offers some relief," the Finance Ministry observes in its monthly review report. Also a close examination of the World Bank pink sheet database showcases a fall in prices of key international commodities, such as sunflower oil, palm oil, di-ammonium phosphate, crude oil, and natural gas, among others. Due to a fall in global commodity prices, the overall value of merchandise imports was 5.2 per cent lower from April-February FY24, compared to the first 11 months of FY23. Accordingly, India's merchandise trade deficit narrowed from USD (-)245.9 billion during the first 11 months of FY23 to USD (-)225.3 billion in the corresponding period of FY24.
هذه القصة مأخوذة من طبعة March 31, 2024 من The Business Guardian.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة March 31, 2024 من The Business Guardian.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Odisha startup launches autonomous drone service
Bon V Aero has launched a fully autonomous logistics drone service called Air Orca.
ITI Ltd gets orders worth Rs 4,559 cr
With this, ITI Limited has emerged as the lowest bidder for three packages taking the total order value to Rs 4,559 crores, the company informed stock exchanges in a filing on Sunday.
Trump presidency set to benefit India due to US-China rivalry: Moody's Ratings
Trump's trade policy approach would likely bring immediate impacts to the manufacturing sector, the Moody's Ratings said, adding that although a divided Congress might slow down or adjust the scope of such measures.
EPFO clears audit Backlog, pushes reforms ahead of 72nd Foundation Day
Labour Secretary and Chairperson of Executive Committee, Central Board, Employees' Provident Fund Organization (EPFO), Sumita Dawra, presided over the 109th Meeting of the Executive Committee this week in the national capital.
Biz as usual in Canada despite tensions between New Delhi, Ottawa: SBI
State Bank of India (SBI) has not seen any impact in Canada despite the ongoing tensions between New Delhi and Ottawa, a top bank official has said.
FMCG brands drive premiumisation amid inflation
Despite persistent inflation and sluggish demand, several leading FMCG and retail brands are doubling down on their premiumization strategies, reshaping their approach to appeal to discerning customers.
Supreme Court Issued Notice To Delhi Tree Authority And Officers: What Procedure Followed In Tree Felling?
The Supreme Court in the case MC Mehta versus The Union Of India And Ors observed and has issued notice to the Tree Authority and the Tree Officers who are being appointed under the Delhi Preservation of Trees Act, 1994, in a petition filed seeking to prevent the Delhi government in order to permit tree felling under the Act without prior permission from the court.
SC: LIS PENDENS DOCTRINE KICKS IN WHEN PETITION IS FILED AND NOT WHEN COURT ISSUED NOTICE; IT APPLIES EVEN IF PETITION WAS IN DEFECT
The bench comprising of Chief Justice of India DY Chandrachud, Justice JB Pardiwala and Justice Manoj Misra was hearing the present matter.
Delhi High Court: Cannot Approve MCD Not Paying Wages, Retiral Benefits To Its Employees; If They Default Must Suffer Interest
The Delhi High Court in the case Municipal Corporation of Delhi Versus Bijender Singh observed and has stated that it can never be an approver to the Municipal Corporation of Delhi, MCD for not paying wages or retiral benefits to its employees.
Delhi High Court To Centre: Take Policy Decision On Guidelines For Foreigners With Criminal Cases And Expired Indian Visas
The Delhi High Court in the case Court On Its Own Motion v State observed and has asked the Union Government to take a policy decision as to whether certain guidelines ought to be framed at national level in respect of foreigners against whom criminal cases are lodged and whose Indian visas have expired.
