Budget lays a strong foundation to push economic growth: Minister Piyush Goyal

On Thursday, February 1, 2024, Commerce and Industry Minister Piyush Goyal said India has sustained its export growth despite global challenges arising from issues such as the Russia-Ukraine war, the Israel-Hamas conflict and the Red Sea crisis. has created a strong foundation for
He also said the country was facing "very difficult" challenges due to issues such as the Russia-Ukraine war, the Israel-Hamas conflict and the Red Sea crisis. But in spite of that, India has largely sustained the country's exports and India's economy has become a bright spot in terms of economic growth.
India's Finance Minister Nirmala Sitharaman, in her budget speech, said that global affairs are becoming more complex and challenging today, geopolitically, due to wars and conflicts. And globalization is being redefined through reshoring and friend-shoring, disruption and fragmentation of supply chains, and competition for critical minerals and technologies. A new world order is emerging after the covid pandemic.
The Russia-Ukraine war, the Israel-Hamas conflict and the Red Sea crisis have disrupted global supply chains, Goyal said. Due to these challenges India's growth rate on the trade front is gradually weakening. As a result, logistics, shipment lines for Indian exports are significantly affected in the global market.
According to official data, India's exports rose just 1 percent to USD 38.45 billion in December 2023, with the trade deficit narrowing to a three-month low of USD 19.8 billion. Exports also fell 5.7 percent to USD 317.12 billion in the April-December period of the current fiscal year. Imports fell by 7.93 percent to USD 505.15 billion. That left a trade deficit of USD 188.02 billion in the first three quarters compared to USD 212.34 billion in April-December last fiscal.
Commerce and Industry Minister Piyush Goyal welcomed the budget proposals for 2024, saying that the budget focused on every strata of society. Announcements on e-mobility promotion and increased infrastructure spending will provide 'more' opportunities for businesses and domestic industries. The budget laid a strong foundation for the country's economic growth.
Finance Minister Sitharaman announced an outlay of Rs 11.11 lakh crore on infrastructure. Erie promised to continue with the reforms. And he said that economic policies that encourage and sustain growth, facilitate inclusive development and contribute to creating resources for energy investment will be adopted towards building India.


Comments

Post a Comment

Popular posts from this blog

India has decided to allow onion exports to Bangladesh and five other countries

As reported by a news media recently, India has decided to allow onion exports to Bangladesh and five other countries through government-to-government route on the recommendation of its Ministry of External Affairs. India is the second largest onion exporter in the world. But in December 2023, the government of India imposed a ban on onion shipments to control rising onion prices and ensure adequate availability in the market and extended it till March this year due to the upcoming national elections. India initially imposed a 40 percent tariff on onions to discourage its exports but when that move did not yield the desired results, it imposed a ban. A person familiar with the matter said that while no decision has been taken to lift the ban on onion exports outright, limited quantities of onion exports have been allowed for bilateral purposes. In addition to Bangladesh, five countries, including Nepal, Bhutan, Bahrain and Mauritius, said exports have been allowed. The Bangladesh gover...
Read more

Indonesia's state procurement agency BULOG has issued an international tender to buy about 300,000 metric tons of rice.

Indonesia's state procurement agency BULOG has issued an international tender to buy about 300,000 metric tons of rice, European traders said last Tuesday. International tenders are asking for 5% broken grade white rice. It should be available from the 2023/2024 crop year and milled no more than six months earlier. Tuesday, February 27, is the last date for registration to participate in the tender for these trading houses. The Indonesian government has allocated an additional rice import quota of 1.6 million metric tons for 2024. The latest import quota, which was above the previously approved 2 million tonnes for 2024, comes amid expectations that the country's January-March rice harvest will be lower than last year due to normal rainfall in Java - the country's main rice-growing region. A severe drought in Southeast Asia's most populous nation has reduced production of staple foods, driving up crop prices. As a result, the price of imports has to be increased. In suc...
Read more

Exports of leather goods from India will decline by 13-15 percent in the current fiscal

Chairman of the Indian Finished Leather Manufacturers and Exporters Association, K.R. Vijayan said exports of leather goods from India will decline by 13-15 per cent in the fiscal year 2023-24. But with strong winter demand for leather products in Europe, we expect a strong rebound of around 20 per cent in FY25 on account of new orders from there. Exports of finished leather were $4.87 billion in 2021-22, increasing to $5.26 billion in 2022-23, while exports in the current fiscal year 2023-24 till October were $2.81 billion, which is 13 percent lower than October of the previous fiscal. Considering the country's export growth potential and consumer base, we have set a target of $47.1 billion turnover in the footwear and leather industry by 2030, Vijayan said. Of which $33.4 billion is domestic industry turnover and the remaining $13.7 billion is export turnover. But we need innovation in both technology and advanced machines to achieve this goal. India is the second largest exporte...
Read more