India's merchandise imports fell to an 18-month low in February, contracting for the third consecutive month as the government ramped up efforts to curb non-essential imports, even as exports shrank for a third time in five months amid slowing global demand.
Merchandise exports contracted 8.8 per cent to $33.88 billion in February, while imports fell 8.2 per cent to $51.31 billion, leading to a trade deficit of $17.43 billion, showed the data released by the commerce department on Wednesday.
Commerce Secretary Sunil Barthwal said the government had been able to contain imports in February. "It is not simply statistical. There were several meetings which were taken by the commerce minister (Piyush Goyal) with various ministries where we looked at strategies to contain non-essential imports. Those steps are bearing fruit," he added.
Esta historia es de la edición March 16, 2023 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición March 16, 2023 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Private sector sees marginal rise in May
A sharp acceleration in the services sector has led to India's private sector activity gathering pace in May, posting the third strongest surge in 14 years.
US Treasuries drive RBI's bumper surplus to Centre
$ sales boost windfall, unlikely to recur
HC upholds validity of GST notifications extending time limit during pandemic
The Kerala High Court has upheld the validity of the Centre's move to extend the time limit for issuing the assessment orders after the show cause notices for Goods and Services Tax (GST) returns filed during the pandemic.
RCap lenders can't take coercive action against IIHL: NCLT
IIHL seeks 90-day extension ahead of May 27 deadline
Women outshine men in fifth phase of LS elections
In Bihar, 61.5% women voted compared to 52.4% men in the seats that went to polls on May 20
Purvanchali-dominated North East Delhi set to see battle of 'outsiders'
It's a race against time for Congress leader Kanhaiya Kumar.
Bansuri aims to claim mother's legacy
The battle for the New Delhi Lok Sabha constituency is between two lawyers, Bharatiya Janata Party's (BJP's) Bansuri Swaraj, and Aam Aadmi Party's (AAP's) Somnath Bharti.
Jalandhar's sports industry looks to start a new innings
Shivesh Yadav, 58, a rickshaw puller in Jalandhar's Basti Nau, was heard arguing with a customer over the money that the customer owed.
Sterlite Power gets stakeholders' nod for demerger into 2 entities
Sterlite Power Transmission Ltd (SPTL) on Thursday received the nod of its stakeholders to demerge its business into two entities - the power transmission project development and power equipment manufacturing.
India to lead next decade amid global risks: Chandra
India is a \"bright spot\" and will lead the next decade world order, said N Chandrasekaran, chairman of Tata Consumer Products, in the company's annual report for the financial year 2023-24 (FY24).
