Business

India's trade deficit widens to $24 bn in Dec, exports fell 12%

New Delhi, Jan 16 (IANS): India's trade deficit in December 2022 widened to $23.89 billion as against $21.10 billion year-on-year (YoY).

Merchandise export also fell in December 2022 by 12 per cent to $34.48 billion as against $39.27 billion in the corresponding period of last year.

Imports in December 2022 also witnessed a fall to $58.24 billion as against $60.33 billion of the corresponding period of last year.

During April-December period of the current fiscal, India's overall exports rose 9 per cent to $332.76 billion.

Imports during the same period went up by 25 per cent to $551.7 billion.

Alok, MP
Fri, Jan 20 2023
So trade deficit could be close to triple century that is $300 billion. Hold your breath it is not enough when we consider total forex flight to rich foreigners by us which is about $ 1000 billion including foreign debt servicing.This trillion dollars are third of our GDP and whooping 250% of our tax collection. We must attack on our foreign exchange footprint and should try to divert it towards 1420 million indians. As we are most populous nation now and are growing rapidly in number and consumption this must be too easy.We must use less and less stuffs services and debt needing foreign exchange that is coming from foreign countries and must try to use their indian or indigenous substitutes.Imports must be best reserved for reexport. In this way we can attack multiple problems like stagnation, imported inflation, rupee depreciation, trade deficit and foreign reserve depletion.

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