New Delhi || 05-12-2024
Suman Bery, the Vice Chairperson of NITI Aayog, released NITI Aayog’s latest publication on India’s trade statistics for the first quarter of the financial year 2024 (April to June), on 4 December in New Delhi in the august presence of Members NITI Aayo Dr. V.K. Saraswat and Dr. Arvind Virmani; CEO of NITI Aayog, BVR Subrahmanyam, and other senior officials.
The trade watch publication offers a holistic snapshot of India’s trade position, combining global demand-supply perspectives, sectoral performance, and insights into emerging trade opportunities.
During first quarter FY’24, India’s trade performance demonstrated stability and moderate growth. Total trade stood at $576 billion, registering a 5.45% year-on-year increase. Merchandise exports showed restrained growth, influenced by declines in critical sectors such as iron and steel, as well as natural and cultured pearls.
On the other hand, imports were propelled by high-value commodities, including aircraft, spacecraft, mineral fuels, and vegetable oils. Services exports displayed an encouraging surplus.
Sharing his perspective Suman Bery said that the publication shall foster informed decision-making, strengthen policy initiatives, and encourage long-term sustainable growth in the global trade landscape. He exhorted that the findings of the same will be instrumental in shaping future policies and interventions aimed at driving progress in trade areas by identifying markets and sectors where India can gain a stronger comparative advantage.
Dr. Arvind Virmani congratulated the entire team for coming up with a comprehensive trade publication and expressed that this document will serve as an important tool for navigating India’s evolving trade landscape.
BVR Subrahmanyam, CEO, NITI Aayog emphasised the importance of data-driven approaches and evidence-based policymaking and stated that by providing a detailed analysis of India’s trade position each quarter, the publication will support evidence-based policymaking. This initiative is aligned with the commitment to strengthening India’s trade competitiveness in line with the aim to capitalise on India’s trade potential for Viksit Bharat (India@2047) and to ensure sustainable growth in a rapidly changing global trade environment.
This publication marks the launch of a quarterly series aimed at offering timely insights into India’s trade dynamics.
The full publication of Trade watch can be accessed at: https://www.niti.gov.in/sites/default/files/2024-12/Trade-Watch.pdf
