Export As Per GDP Lowest In 13 Years

The Logical Indian Crew

April 20th, 2018 / 12:23 PM

Image Credit: Sagar Ranjos

Data from the Centre For Monitoring Indian Economy (CMIE) shows that the botched introduction of Goods and Services Tax (GST) has taken a heavy toll on the exports. Export as per the Gross Domestic Product (GDP) has been the lowest since 2003-04.

According to Livemint, while it can be said that the poor rates of 2017 are due to GST, the numbers for March 2018 are also not an attractive one. The figures could be mostly due to the delay in giving refunds to exporters.

In the last quarter, due to disruptions in the gems and jewellery sector and also because of the Punjab National Bank scam revelation, the sector has not done well.

The engineering sector has not been doing well too. “The engineering sector, which had been leading the basket of goods exports, could manage to grow by a meagre 2.62% in March, making it imperative to redraw our external trade strategy. This is all the more important in the backdrop of more and more protectionism rearing its head. Rising raw material costs, among other factors, have had a crippling impact on the shipments,” EEPC (Engineering Export Promotion Council) India chairman Ravi Sehgal said.

With protectionism increasing in the US, the outlook for exports has been further put in a hazy area. Last Thursday, the US trade representative office said it has launched investigations on whether India was complying with the rules on the Generalised System of Preferences, which could affect the duty-free entry of a host of products from India.


Contributors

Written by : Poorbita Bagchi

Edited by :

Share your thoughts..

Related Stories

Number Of US Student Visas To Indian Nationals In 2018 Is The Lowest In 5 Years

Investments Hits Low

Fresh Investments In India Fall To A New Low In December Quarter; Lowest In 14 Years

India GDP First Quarter 2018-2019 8.2%

India’s GDP Growth In First Quarter 2018-19 Reaches 8.2%, Highest In The Last Two Fiscal Years

Export As Per GDP Lowest In 13 Years

India’s GDP Rises To 7.2% In December Quarter, Surpasses China GDP Of 6.8%

UPSC Reduces Vacancy In Civil Services To The Lowest In 6 Years When India Has A Shortage Of Nearly 1,500 IAS Officers

Latest on The Logical Indian

Get Inspired

Man Returns Bag With Rs 10 Lakh To Owner, Gets Rewarded Rs 2 Lakh For Honesty

My Story

“You’re Gaining Weight, Eat Less, Ladies Don’t Have Facial Hair; Things You Hear If You Have PCOS”

News

Pollachi Sexual Assault: With A Slew Of Protests, Pollachi Set To Witness Complete Commercial Shutdown

News

Awarded Padma Shri For Planting 8000 Trees In 80 Yrs, 106-Yr-Old Environmentalist ‘Blesses’ President

Get Inspired

Till Date, This Security Guard Has Sent 4,500 Letters To Families Of Martyred Soldiers

Get Inspired

Tribal Agricultural Activist & “Preserver Of Paddy Seeds” From Odisha Awarded Padma Shri

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.