Export As Per GDP Lowest In 13 Years

The Logical Indian Crew

April 16th, 2018 / 6:26 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

Export Goat Sheep UAE Cancelled

Jain Community Protests Outside RSS Office, Centre Cancels Export Of Sheep & Goats To UAE

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

Nirav Modi Illegally Diverted Rs 1,216 Crore Of Diamonds Meant For Export From SEZ To Domestic Market, Reveals IT Dept Probe

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

Trade Deficit

India’s Export Dip In October, Imports Increase, Trade Deficit Widens To Highest In 3 Years

GDP World Bank

World Bank Reduces India’s GDP Growth Forecast To Lowest In 13 Quarters; Demonetisation, GST Primary Reasons

Latest on The Logical Indian

News

#Metoo: Anti-Rape Crusader In The Kathua Case, Talib Hussain, Accused Of Raping Multiple Women

Awareness

Rs 11,000 Cr Loan Sanctioned Under PM Modi’s Flagship MUDRA Scheme Turns Into Bad Loan

News

Amritsar Tragedy: Woman Saves 10-Month-Old Baby Flung Into Air Moments Before The Train Hit His Father

Get Inspired

Pune: 14-Yr-Old Girl Puts School Peon Behind Bars Who Molested And Forced Girls To Watch Porn

Awareness

How Recycling Waste Flowers Gave These Dalit Women Dignity Of Labour

News

One More Labourer Loses His Life While Cleaning Sewer In Delhi

x

Stories that deserve attention, delivered to your inbox!

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