We are on it already. Fdi is just one aspect of it. As the chinese camel exits the Bhartiya tent there will be room for others as the supply chains get relocated. I just saw in the news how Uttar Pradesh was declared a high priorty state by australia. A lot of similar happenings going around. This will contribute to fdi to that needed level. See china was a a high speed bullet train but that was before corona chan .Now its a crashing meteorite. The real truth is somewhere in between. The trade deficit came down to 45 billion already. So chinas’s economy is also seeing unusual signs of bankruptcies asset bubbles reigning in big businesses to manufacturing dips coupled with arrest/wing clipping of high net worth dissenters. Civil society in china is virtually wiped out. and overseas bri investments are not paying off lulz.To compete with china , we need a lot lot more fdi , we can't take it for granted we only have a decade to become a global player , our situation in 2030 , will decide wheter we will go for g3 situation or g2 situation continues
Thanks for this .Ya'll Nibbiars
I. MERCHANDISE TRADE.
EXPORTS (including re-exports)
1 . Exports in January 2021 were USD 27.45 Billion, as compared to USD 25.85 Billion in
January 2020, exhibiting a positive growth of 6.16 per cent. In Rupee terms, exports were Rs.
2,00,661.11 Crore in January 2021, as compared to Rs. 1,84,369.73 Crore in January 2020,
registering a positive growth of 8.84 per cent.
2 . The commodities/commodity groups which have recorded positive growth during January
2021 vis-à-vis January 2020 are Other cereals (343.57%), Oil meals (257.50%), Iron Ore
(108.84%), Cereal preparations & miscellaneous processed items (44.88%), Jute mfg.
including floor covering (27.68%), Rice (26.33%), Tobacco (26.16%), Fruits & vegetables
(24.34%), Carpet (23.69%), Handicrafts excl. handmade carpet (21.09%), Spices (20.36%),
Ceramic products & glassware (19.03%), Engineering goods (18.81%), Drugs &
pharmaceuticals (16.42%), Electronic goods (16%), Tea (13.34%), Mica, Coal & other ores,
minerals including processed minerals (11.89%), Cashew (11.82%), Plastic & Linoleum
(10.40%), Cotton yarn/fabs./made-ups, handloom products etc. (7.08%), Coffee (4.85%), and
Organic & Inorganic chemicals (2.55%).
3 . The commodities/commodity groups which have recorded negative growth during January
2021 vis-à-vis January 2020 are Petroleum products (-32.06%), Leather & leather products
(-18.6%), RMG of all Textiles (-10.73%), Man-made yarn/fabs./made-ups etc. (-9.62%),
Meat, dairy & poultry products (-8.03%), Oil seeds (-6.49%), Marine products (-1.72%) and
Gems & jewellery (-1.26%).
4 . Cumulative value of exports for the period April-January 2020-21 was USD 228.25 Billion
(Rs. 16,96,367.07 Crore) as against USD 264.13 Billion (Rs. 18,61,740.70 Crore) during the
period April-January 2019-20, registering a negative growth of (-) 13.58 per cent in Dollar
terms (negative growth of (-) 8.88 per cent in Rupee terms).
5 . Non-petroleum and Non-Gems and Jewellery exports in January 2021 were USD 22.44
Billion, as compared to USD 19.79 Billion in January 2020, registering a positive growth of
13.40 per cent. Non-petroleum and Non-Gems and Jewellery exports in April-January 2020-
21 were USD 188.77 Billion, as compared to USD 197.94 Billion for the corresponding
period in 2019-20, which is a decrease of (-) 4.63 per cent.
1 . Imports in January 2021 were USD 41.99 Billion (Rs. 3,06,951.56 Crore), which is an
increase of 2.03 per cent in Dollar terms and 4.60 per cent in Rupee terms over imports of
USD 41.15 Billion (Rs 2,93,452.69 Crore) in January 2020. Cumulative value of imports for
the period April-January 2020-21 was USD 300.26 Billion (Rs. 22,29,742.05 Crore), as
against USD 405.33 Billion (Rs. 28,55,992.59 Crore) during the period April-January 2019-
20, registering a negative growth of (-) 25.92 per cent in Dollar terms and a negative growth
of (-) 21.93 per cent in Rupee terms.
CRUDE OIL AND NON-OIL IMPORTS:
1 . Oil imports in January 2021 were USD 9.40 Billion (Rs. 68,743.95 Crore), which was 27.72
percent lower in Dollar terms (25.90 percent lower in Rupee terms), compared to USD 13.01
Billion (Rs. 92,773.42 Crore) in January 2020. Oil imports in April-January 2020-21 were
USD 63.09 Billion (Rs. 4,68,720.80 Crore) which was 42.50 per cent lower in Dollar terms
(39.39 percent lower in Rupee terms) compared to USD 109.72 Billion (Rs. 7,73,394.28
Crore), over the same period last year.
2 . In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 14.23% in January 2021 vis-à-vis January 2020 as per data available from World Bank.
3 . Non-oil imports in January 2021 were estimated at USD 32.58 Billion (Rs. 2,38,207.61
Crore) which was 15.79 percent higher in Dollar terms (18.70 percent higher in Rupee
terms), compared to USD 28.14 Billion (Rs. 2,00,679.27 Crore) in January 2020. Non-oil
imports in April-January 2020-21 were USD 237.16 Billion (Rs. 17,61,021.25 Crore) which
was 19.77 per cent lower in Dollar terms (15.44 percent lower in Rupee terms), compared to
USD 295.61 Billion (Rs. 20,82,598.31 Crore) in April-January 2019-20.
4 . Non-Oil and Non-Gold imports were USD 28.55 Billion in January 2021, recording a
positive growth of 7.50 per cent, as compared to Non-Oil and Non-Gold imports of USD
26.56 Billion in January 2020. Non-Oil and Non-Gold imports were USD 216.34 Billion in
April-January 2020-21, recording a negative growth of (-) 20.16 per cent, as compared to
Non-Oil and Non-Gold imports of USD 270.97 Billion in April-January 2019-20.
II. TRADE IN SERVICES.
1 . As per the latest press release by RBI dated 15 th February 2021, exports in December 2020
were USD 18.72 Billion (Rs. 1,37,774.58 Crore) registering a negative growth of (-) 6.41 per
cent in Dollar terms, vis-à-vis December 2019. The estimated value of services export for
January 2021* is USD 19.25 Billion.
1 . As per the latest press release by RBI dated 15th February 2021, imports in December 2020
were USD 11.50 Billion (Rs. 84,632.64 Crore) registering a negative growth of (-) 8.40 per
cent in Dollar terms, vis-à-vis December 2019. The estimated value of services import for
January 2021* is USD 12.03 Billion.
1 . MERCHANDISE: The trade deficit for January 2021 was estimated at USD 14.54 Billion
as against the deficit of USD 15.30 Billion in January 2020, which is decrease of (-) 4.95
2 . SERVICES: As per RBI’s Press Release dated 15th February 2021, the trade balance in
Services (i.e. Net Services export) for December 2020 is USD 7.22 Billion. The estimated
trade balance in January 2021* is USD 7.22 Billion.
3 . OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade
deficit for April-January 2020-21* is estimated at USD 1.87 Billion as compared to the
deficit of USD 72.40 Billion in April-January 2019-20.
Compensation to state revenue loses is the key... and center looses more if GST on fuels takes effect...Here issue is not central govt, state govts don't want petrol diesel in GST regime.
And centre already gives 41% of revenues to states to offset their existing revenue loss due to GST.Compensation to state revenue loses is the key... and center looses more if GST on fuels takes effect...
Fuel price rise: States call for inclusion of petrol, diesel under GST ambit
At present, every state has its own way of taxing fuels, while the Centre also collects its own duties and cess.www.moneycontrol.com
Petrol Rs 75, diesel Rs 68! That's what they will cost if under GST
The Ecowrap report, authored by Dr Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India stated that Centre and states do not want to bring oil products under the GST regime as sales tax and VAT comprise a major source of tax revenuewww.businesstoday.in
Fuel prices will soar much more, it will adversely affect us, we should focus more on domestic production more and stop exporting petrol and diesel to other countries which we produce by refining oil. Hydrogen is the only solution and there should be maximum focus on Hydrogen mission as even Lithium dependence will make us dependent on South American countries. Why not get oil from Venezuela now? Its already very cheap and will help improve bilateral ties.And centre already gives 41% of revenues to states to offset their existing revenue loss due to GST.
And what do we export exactly ?Ya'll Nibbiars The India-China bilateral trade in 2020 decreased by 5.64% Y-o-Y and stood at USD 87.65 billion compared to USD 92.89 billion in 2019, according to Union Commerce Ministry's recent data on India-China trade in 2020. Notably, Indian imports from China also dropped by 10.87% and stood at USD 66.78 billion compared to USD 74.92 billion in 2019.
"Good signs that Indian exports to China increased by 16.15% from USD 17.896 billion to reach USD 20.87 billion in 2020. This is the highest level ever for Indian exports to China and the first time they have crossed USD 20 billion," said the ministry.
Accordingly, the trade deficit with China has declined by 19.39% from USD 56.95 billion in 2019 to USD 45.91 billion.
Exactly we should dig some Oil wells in India.I am telling you guys. India should look into fracking to boost domestic oil production. This was how the US was formerly the #1 oil producer in the world and also the reason why for 4 years, oil prices were so low.
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