We need more sectors to become reliable dollar earners
Mint New Delhi|December 24, 2024
India must tap new export opportunities, especially in service sectors like tourism and education
AJIT RANADE

India presently has more than a quarter trillion dollars of essential imports. These include crude oil, coal, edible unrefined oil, fertilizer, steel and copper. This list does not include defence or pharmaceutical intermediates, which could also be called essential. Domestic production capacity for all these is unlikely to become ‘atma nirbhar’ in the near future, even as demand will grow as India chugs at a 7% or 8% growth rate. These critical imports feed India’s energy and food needs (edible oils) as well as downstream industries such as automobiles and electronics. Imported pharmaceutical ingredients and special minerals are needed for healthcare and the renewable revolution.

To pay for all these crucial imports in dollars, we need to earn enough foreign exchange consistently for the next decade. Which are our reliable dollar earners? The two strong dependable export items that have grown steadily are inward remittances (clocking $129 billion this year, the highest in the world) and software services (exceeding $200 billion). Both can be said to be de facto exports of skilled or semi-skilled labour. This is India’s big competitive advantage.

Diese Geschichte stammt aus der December 24, 2024-Ausgabe von Mint New Delhi.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der December 24, 2024-Ausgabe von Mint New Delhi.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS MINT NEW DELHIAlle anzeigen
Mint New Delhi

Inflation targeting: It should not constrain Indian manufacturing

Monetary policymakers should analyse the price dynamics of the entire basket of items that make up India's national income

time-read
3 Minuten  |
December 25, 2024
Mint New Delhi

We could expect East Asia to spring some surprises in 2025

China, Hong Kong and Vietnam will be under watch for a reason

time-read
3 Minuten  |
December 25, 2024
Mint New Delhi

Full of sound and fury: What the Bard may say of 2024

From central bank actions to Trump's ideas, there was plenty that inspires a Shakespearean look-back

time-read
4 Minuten  |
December 25, 2024
Mint New Delhi

Trump's tariffs will not eliminate the dollar's exorbitant privilege

Exporters to the US may want to shift trade into other currencies but the dollar won't be dethroned

time-read
4 Minuten  |
December 25, 2024
Mint New Delhi

AP split leaves state-backed bondholders high and dry

Investors await payments as Andhra and Telangana dispute AP power bonds post-bifurcation

time-read
4 Minuten  |
December 25, 2024
Mint New Delhi

We must approach tech transformations with due care

How we deal with technology is getting highly complex. It's the reason we must exercise fine judgement

time-read
4 Minuten  |
December 25, 2024
Mint New Delhi

INTERNATIONAL ETFs ARE TRADING AT A PREMIUM: WHAT SHOULD INVESTORS DO?

Most successful investors remain informed, agile, and approach investments strategically

time-read
3 Minuten  |
December 25, 2024
Mint New Delhi

A BONE THIEF IN UKRAINE'S BACKYARD

Ukrainian officials say the Russians continue their efforts to repatriate the remains of Soviet war dead

time-read
7 Minuten  |
December 25, 2024
Mint New Delhi

Simplifying estate planning: The value of expert guidance

Do I need the help of a professional estate planner? Should I opt for a will or trust? Which is effective?

time-read
2 Minuten  |
December 25, 2024
Mint New Delhi

Samsung plans to re-enter ACs market

Samsung is planning to launch over a dozen models of inverter ACs for its 2025 lineup.

time-read
1 min  |
December 25, 2024