India : Export Growth After Covid-19

PANDAMIC SITUTION CRISIS
Corona virus is a very deadly and harmful epidemic. In December 2019, the Covid-19 virus was first identified in the city of Wuhan, China. It is a contagious virus, meaning it spreads through person-to- person contact. The entire world into a virtual lockdown due to the Covid-19 virus. This pandemic had a huge impact on the medical, economic, political, social and daily activities around the world. Every day about 21 lakh people are infected with this virus and about 1.5 lakh people die due to this virus in about 200 countries oof the world. Its effect is very terrible in India too. Global trade and domestic business have been severely affected by the economic impact of the coronavirus. China is India’s top source of imports, and Indian market dependent on China have been hit hard by the pandemic. According to various reports, unemployment in India increased from 6.7%to 26% in the first month of 15march 2020 to 19aprill 2020. Around 14 crore people lost their jobs during the lockdown. About 45% of the households are facing income shortfall. The first 21 days of the lockdown saw the largest loss of the Indian rupee, around RS 32,000 crore per day, according to various reports. Down to 2 percent of India's estimated growth as per Fitch Ratings and 3.6% of India's estimated growth for FY21 as per India Ratings & Research. This decline marks the lowest growth for Indian in 30 years.
Indian Export& Import
According to the survey of 2020, India’s economy has become the Fifth largest economy in the world, and now it is getting ahead of this competition. India’s business in the global trade is considered to be a factor in the growth of India’s economy. India’s some exports products are Petroleum products, Mineral fuels including oil, Gems, Machinery including computers, Organic, Electrical machinery, equipment, chemicals, and Pharmaceuticals products, etc. and some imports products are Crude petroleum, gold, precious stones, petroleum products, Telecom instruments, electronic components, industrial machinery, electronic components, Animal/vegetable fats, oils, Plastics, and medical apparatus. India’s top 10 largest exports destination are USA, United Arab Emirates, China, Hong Kong, Singapore, United Kingdom Bangladesh, Germany, Netherland and Nepal. USA is India’s largest export destination. India’s top 10 Import countries are China, USA, United Arab Emirates, Russia, Saudi Arab, Iraq Switzerland Hong Kong, Korea, Singapore. China is India’s largest importing country.
Indian Exports & Imports Before Covid-19
India’s first Covid-19 was detected in march 2020. Before that, India’s imports and exports were gradually increased. According to India’s exports and imports data for last5 years before Covid-19. Covid-19 situation India's export and import In India , the fist outbreak of Covid-19 was detected in March of 2020. India’s imports & exports have slowed down due to Covid-19. This Pandemic’s year 2020, India exports $499.10B,and 18.71% GDP. This year India 5.7% decline from previous year export’s GDP. And this India Imports $509.43B, and 19.10% GDP. This year India 15.42% decline from previous year import’s GDP. Year 2019-2020 India, Agriculture items exports $35.2 Billion. And 2020- 2021 India Agri items exports $41.3 Billion. After pandemic Export scenarios In 2020,due to covid-19, India's global trade was severely affected, it has gradually become active again. After COVID pandemic India growth in exports & imports firstly. Year 2021 India exports was $679.68B, and this year exports GDP was 21.40%. This year India increase 36.18% from previous year exports GDP. And year 2021 India imports was $758.87B, and this year imports GDP was 23.89%. this year India increase 48.96% from previous year. In 2022-23, India's exports to grow by 13.84%,this year India exports $770.18 billion. And overall imports increased by 17.38 percent, this year India imports $892.18 billion. India’s agricultural exports crossed the $50 billion mark in the financial year FY22, this is one of the highest agricultural export. According to DGCI’s data, India has recorded exports of $50 billion in 2021- 2022 with a growth of 19.92% in agricultural exports. In 2020-2021, India’s export of agricultural products was $41.87 billion. According to the data, India has reached a special place by exporting rice, wheat, sugar and other cereals. Wheat exports have increased almost four times in a year. India exported $568 million wheat in 2020-2021, and $2119 million wheat in 2021-2022. Farmers and agribusinessmen of states like Punjab, Haryana, Uttar Pradesh, Bihar, West Bengal, Chhattisgarh, Madhya Pradesh, Andhra Pradesh, Maharashtra etc. have benefited from the increase in export of these agricultural products. India currently occupies about 50% of the world market in rice exports.

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