Indian Prime Minister Narendra Modi set out an ambitious plan to boost exports while reducing imports – and it is working.
According to data collected from the Centre Government, India’s exports to the USA amounted to USD 5.1 billion in September 2020, 15.5% more than the figures for the corresponding month (USD 4.4 billion) in 2019.
In addition, imports from the United States decreased by a substantial 34.3% to USD 1.8 billion in September 2020, compared to USD 2.8 billion in September 2019.
Similarly, in the period from April to September this year, imports from China, one of the largest producers of commodities across industries, decreased to USD 27.4 billion. Therefore, imports have decreased by 24.5% from the USD 36.3 billion amount for the same duration last year.
Meanwhile, Indian exports to China increased by 26.3% to hit USD 10.6 billion in the above-mentioned period, a substantial increase from USD 8.4 billion for the period April-September 2019.
It’s a stunning turnaround and more is to come…