India 2018

Commerce 93
India registered robust growth of 7.1 per cent in 2016-17 thus becoming the
fastest growing major economy in the world. As per the estimates of the
International Monetary Fund (IMF, October 2017), the global upswing in
economic activity is strengthening. Global growth, which in 2016 was the
weakest since the global financial crisis at 3.2 per cent, is projected to rise to 3.6
per cent in 2017 and to 3.7 per cent in 2018. Growth is projected to rise over this
year and next in emerging market and developing economies, supported by
improved external factors - a benign global financial environment and a recovery
in advanced economies. Growth in China and other parts of emerging Asia
remains strong. In advanced economies, the notable 2017 growth pickup is broad
based, with stronger activity in the United States and Canada, the euro area,
and Japan. It is against this background that the recent Indian growth story
appears particularly bright.
India's Trade Scenario
Trade Performance during April-September 2017-18
Exports
Exports recorded a positive growth of 10.84 per cent during April-September
2017-18 over the corresponding period of the previous year in US$ term. The
merchandise exports reached US$ 146.29 Billion in April-Sep 2017-18 (P).
Imports
Cumulative value of import during April-September 2017-18 (P) was US$ 220.55
Billion as against US$ 175.34 Billion during the corresponding period of the
previous year registering a positive growth of 25.79 per cent in US$ terms. Oil
import were valued at US$ 46.51 Billion during Apr-Sep 2017-18 (P) which was
17.65 per cent higher than oil import valued at US$ 39.53 Billion in the
corresponding period of previous year. Non- oil imports were valued at US$
174.05 Billion during Apr-Sep 2017-18 (P) which was 28.15 per cent higher than
non-oil import of US$ 135.81 Billion in previous year.
Trade Balance
The Trade deficit in Apr-Sep 2017-18(P) was estimated at US$ 74.27 Billion which
was lower than the deficit of US$ 43.36 Billion during the corresponding period
of the previous year.
Exports of Principal Commodities
Disaggregated data on exports of principal commodities, dollar terms are
available for the period Apr-Sep 2017(P) as compared to Apr-Sep 2016. Exports
of the top five commodities during the period Apr-Sep 2017-18 (P) registered a
share of 32.52 per cent mainly due to significant contribution in the exports of
petroleum products; pearl, precious, semi-precious stones; drug formulation
biological; gold and other precious metal jewellery and iron and steel.