Indian products gaining acceptability in global market: Chairman TPCI
New Delhi, 14th August, 2019: Commenting on the trade data for the month of July 2019, Chairman TPCI Mohit Singla said, “Consumer durable and consumer non-durable goods like electronic goods, pharma, marine and textiles have outperformed than the overall export growth of 2.25% or the month of July 2019. This brings good news to exports despite of expected global slowdown demand for these products have increased internationally. This shows that India products have started gaining acceptability at global market. Clear vision of our government on to promote sectors such as marine and value added products under electronic goods is the key parameter for this growth.”
Further Chairman said, “To some extent this export growth is partially on account of rupee which has depreciated approximately by 3.5% in the past six weeks which gives an impetus for short term export gains. In rupee terms the growth is slightly higher; giving an additional push to our exports, for short span of time.”
Import growth during July is, however negative which is about 10.43% over the same period of previous year. Major decline in Imports is reflected from pearls, precious and semi-precious stones, petroleum and crude products, organic and inorganic products, etc. This is juxtaposing the current slowdown prevailing in the economy primarily and at the global level overall. Since the consumption rates in India have plummeted demand has been squeezed, especially for precious stones and petroleum products.
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