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…
Author: Stephen Manallack
Former President, Australia India Business Council, Victoria and Author, You Can Communicate; Riding the Elephant; Soft Skills for a Flat World (published by Tata McGraw-Hill INDIA); Communicating Your Personal Brand.
Director, EastWest Academy Pty Ltd and Trainer/Speaker/Mentor in Leadership, Communication and Cross Cultural Communication.
Passionate campaigner for closer western relations with India.
Stephen Manallack is a specialist on “Doing Business with India” and advisor/trainer on “Cross-Cultural Understanding”. He is a Director of EastWest Academy Pty Ltd which provides strategic advice and counsel regarding business relations with India.
A regular speaker in India on leadership and global communication, his most recent speaking tour included a speech to students of the elite Indian university, Amity University, in Noida. He also spoke at a major Federation of Indian Chambers of Commerce and Industry (FICCI) global summit, the PR Consultants Association of India in Delhi, the Symbiosis University in Pune and Cross-Cultural Training for Sundaram Business Services in Chennai. He has visited India on business missions on 10 occasions and led three major trade missions there. He provides cross-cultural training – Asia and the west.
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