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Exports rise 48 34% in June; imports surge 98% - The Hindu BusinessLine
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India’s export recovery broadbased, confident to achieve $400 bln target FY22: Trade secy
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“I don’t think so because we have achieved a balance between public health and economic activity. I’m confident we can achieve. I don’t foresee any major impact on our export prospects. Our performance indicates good prospects,” he said on being asked about the revision of the $400 billion export target.
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Exports in April last year had plunged by a record 60.28% due to the coronavirus pandemic-induced lockdown.
Commerce secretary Anup Wadhawan on Friday said that India can achieve $400 billion export target in FY22 as the recovery in the country’s exports is broad-based and substantial. India s exports in April jumped nearly three-fold to $30.63 billion while imports rose to $45.72 billion, official data showed.
The proceeds could help combat the pandemic
With the second wave having knocked India badly, the revival will take longer than anticipated. Both the Centre and the States will be under severe pressure to pay salaries, pensions, service old debts, and spend on establishments, with the shrinking budget receipts. Corporates and financial institutions, on the other hand, will be wary of taking or extending credit in these uncertain times. Amidst this all, will be the phenomenal expenditure that would be incurred to tackle the ongoing pandemic.
According to the International Monetary Fund, India’s debt-to-GDP ratio preceding the pandemic was 74 per cent, which fell to almost 90 per cent by end of 2020. Given the onslaught of the second wave and possibility of widening deficits and contraction in economic activity, things look extremely bleak this year as well.
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