India s trade deficit increased to $17.49 billion in January 2023, according to Commerce Secretary Sunil Barthwal. The deficit was $17.03 billion in January and $19.8 billion in December 2023. Merchandise exports rose by 3.12% to $36.92 billion, while imports increased by 7.4% to $54.41 billion.
The government is working to ease export norms for certain products with dual-use, such as chemicals, for companies with a proven track record. The Director General of Foreign Trade (DGFT) emphasised the sensitivity of dual-use goods and technologies, which can cause disruptions if misused. These goods include high tech equipment, chemicals, biotechnology, defense, aerospace, electronics, telecommunications, and information security.
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PLI schemes form a major plank of India s Atmanirbhar plan. Currently, PLI schemes for 14 key sectors (with an incentive outlay of Rs. 1.97 lakh crore) are under implementation.