The Economic Survey on Tuesday warned of a slowdown in exports due to sluggish global demand in the year starting 1 April as persistent geopolitical tensions disrupt global trade, although India is on pace to hit the current fiscal year's export target.
"Overall, the balance of risks for global trade is tilted to the downside. The biggest downside risk emanates from the pandemic itself, particularly with the resurgence of new variants such as Omicron," the survey highlighted.
The survey further pointed out that global inflation, longer port delays, higher freight rates, shortage of shipping containers, and shortage of inputs such as semiconductors would continue to pose "significant risks" for global trade.
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