It was beyond the government's target of $750 billion. This figure is higher by $94 billion as compared to FY 22. This has been a praiseworthy success achieved by India at a time when most of the countries have been facing a slowdown in their growth performances. The main success of this record performance can be mainly attributed to the export of services. Sunil Barthwal, Commerce Secretary, Government of India, told the press, "Despite the global headwinds, we have surpassed our 2022-23 target of $750 billion to hit $770.18 billion, which is $94 billion higher than last year's record exports."
Total foreign trade sector in FY23
India's foreign trade is expected to cross the $1.6 trillion mark in FY 23. The thinktank Global Trade Research Initiatives (GTRI) reportedly said that India's foreign trade, that was all kinds of exports and imports combined, would touch 48% of India's nominal GDP of $3.4 trillion for FY23. According to Ajay Srivastav, co-founder, GTRI. "The higher foreign trade is also due to higher trade openness that India had been undertaking as policy."
The merchandise export has been a concern
Denne historien er fra May 1 - 31, 2023-utgaven av BUSINESS ECONOMICS.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra May 1 - 31, 2023-utgaven av BUSINESS ECONOMICS.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Bank of Baroda, Kolkata Zone organised Mega Kisan Melas in West Bengal
Bank of Baroda (BOB) organised Mega Kisan Mela at Konkalitala in Birbhum District of West Bengal on November 18, 2024 as a part of the 7th Edition of the Baroda Kisan Pakhwada (BKP).
Time-Bound Disposal of Cases to Expedite the Delivery of Justice and affordabe by all in India
The delay in the disposal of cases in Indian courts remains a significant hurdle to the nation's progress.
Dev Deepawali: A grand celebration of light, spirituality, and culture in Varanasi
The holy city of Varanasi, often regarded as India's spiritual and cultural heart, came alive with the splendor of Dev Deepawali on the sacred day of Kartik Purnima.
The life of Job 'Ye judge not the judgment of God' - Jesus Christ
The Holy Bible reveals through the life of Job how the Lord tests the righteous and that faith helps one to overcome life's adversities.
India has the highest potential for the garment industry, only a conducive government policy is required.
India's textile industry is poised for remarkable growth, with expectations to double its contribution to the GDP within the next six to seven years.
Global Public Debt may be worse than it appears, warns IMF
Global Public Debt Set to Exceed $100 Trillion, Warns IMF
The economic consequences of Trump's Presidency: A global perspective
One of the key economic factors contributing to the Democrats' loss in the US elections was the significant rise in inflation, which was initially triggered by the COVID-19 pandemic and exacerbated by the Russia-Ukraine war.
Challenges and Successes in West Bengal's Education Sector: A Comprehensive Overview
The education system in West Bengal, particularly in districts, villages, slums, and government institutions, reflects a blend of progress and ongoing challenges.
What India can expect from Trump's return
I may be too early to predict how Donald Trump's second term as president will impact the global oil market.
Stocks Surge Following Donald Trump's Election as 47th President of the USA
Stocks soared following the election of Donald Trump as the 47th President of the United States. Investors anticipated that the Information Technology (IT) sector would benefit from lower corporate taxes under the Republican regime, with IT stocks leading the rally.
