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Non-essential curbs

Policy focus must shift from imports to exports

Photo: Bloomberg
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Photo: Bloomberg

Business Standard Editorial Comment Mumbai

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The expanding trade deficit has prompted the government to actively curb imports. Reflecting the global economic slowdown, India’s merchandise exports contracted 8.8 per cent in February to $33.88 billion, compared to the same period last year. For this fiscal year so far (April-February), merchandise exports have grown 7.55 per cent, compared to the equivalent period last year. Merchandise imports also contracted 8.2 per cent in February, while the trade deficit was at $17.43 billion. The merchandise trade deficit for the fiscal year so far came at $247.53 billion. It was about $172 billion during the same period last year. Sustained