Trade deficit widens to $22.99 bn in January, exports down at $36.43 bn

India's merchandise trade deficit in January stood at $22.99 billion, according to a Reuters calculation based on export and import data released by the government on Monday.

 

Economists had expected the January trade deficit to be $22.35 billion, according to a Reuters poll.

 

Merchandise exports in January stood at $36.43 billion compared with $38.01 billion in December, while imports for the month were $59.42 billion. In December, imports were at $59.95 billion.

 

Services exports in January were estimated at $38.55 billion and imports at $18.22 billion against $32.66 billion and $17.50 billion, respectively, in December. 

Budget

 

Dubai-based low-cost carrier FlyDubai is in talks to potentially launch a new domestic airline in India through collaboration with Busy Bee Airways. Busy Bee is currently negotiating with creditors to acquire the trademarks, flying licenses, and airport slots of the bankrupt Indian airline Go First, according to a report by Moneycontrol.

 

According to media reports citing sources, Busy Bee, which first expressed interest in acquiring Go First in March 2024, aims to revive the airline’s brand without purchasing its physical assets. The company is keen on acquiring Go First’s trademarks, domestic flying rights, and digital assets, including its website. Busy Bee has no plans to acquire the airline’s large land parcel in Thane, near Mumbai.

 

FlyDubai, owned by the Investment Corporation of Dubai (ICD), is looking to partner with Busy Bee for this venture. 

 

Busy Bee itself was founded by Pran Sathiadasan, director of Commercial Operations for Southeast Asia at FlyDubai. The Dubai-based carrier sees this as a strategic move to help establish a strong presence in India’s competitive aviation market.?