In February 2022, the government had said that the delay in implementing the amended Act was due to the State’s bifurcation and shifting of capital.
Trade deficit in August 2021 stood at USD 11.71 billion. Imports rose by 37.28 per cent to USD 61.9 billion in August this year.
The trade deficit has doubled to USD 28.7 billion for August due to a 36.8 per cent expansion in imports and a 1.2 per cent decline in export earnings.
In the previous month, it was at a record high of $30 billion. Interestingly, exports remained flat during the month, while imports increased by 37% to $67.68 billion.
Last year too, the government had managed to mop 34.2 per cent of its annual estimate during April-July.
For the last six months, there has been an increase in freight and shipping line charges. The entire export sector is feeling the pinch, said the Additional Chief Secretary, Department of Industries.
Talking to reporters, Subrahmanyam said the merchandise trade during 2022-23 will be USD 470-480 billion and the services sector is likely to contribute another 280 billion.
This August has seen a major rainfall deficit with not a single heavy spell of rain occurring so far with just 10 days left for the month to end.
The government has allowed maximum imports from Afghanistan in the rupee on a land route in the post-Taliban regime period. The figures did not reflect those imports made in rupees.
On the concern over the ballooning trade deficit, Gosh said that the trade deficit comes at 8.5% of its GDP projections for FY23, much lower than the peak deficit of 10.7% of GDP achieved in FY13.
On Tuesday, the rupee rallied 53 paise, its best single-day gain in over 11 months, to close at an over one-month high of 78.53 against the US dollar.
Speaking at a press conference after being officially presented by President Alberto Fernandez in his new job, Massa described inflation as the "biggest poverty factory" in the country.
The trade deficit in the same month last year (2021) stood at $10.63 billion. In the April-July 2022 period, the trade deficit crossed $100 billion, almost 2.5 times the trade deficit in the same peri
The eminent economist was asked to comment on Rahul Gandhi's statement hiting out at the Modi government over rising inflation and unemployment and said India looks a "lot like Sri Lanka".
Capex in the first quarter was Rs 1.75 lakh crore compared to Rs 1.11 lakh crore in the same quarter the previous fiscal
The US Fed in its July 26-27 meeting may increase the interest rate by 50-75 basis points, which could result in flight of capital from emerging nations like India.
Digital amnesia is creating barriers in the way people think, recall and remember
India's current account deficit is expected to deteriorate in 2022-23 if recession concerns do not lead to a sustained and meaningful reduction in the prices of food and energy commodities, reports.
The weather experts attributed the increase in rainfall activity in the State to the two back to back low pressure areas on July 4 and 9.
The currency unit pared some of its losses to close at 79.88 to the dollar. Forex market analysts like KN Dey of United Financial Consultants expect it to weaken further.