July 30, 2020: As of July 26, exports during the month have recovered to 87.5 percent of that recorded during the same period in 2019.
India exported $26.33 billion worth of goods in July 2019, and exports in July are likely to recover to that level.
“Imports are 72 percent of the corresponding period of July 2019. The trade deficit is falling,” an official told the publication.
Railway freight loading as on July 27 was 3.13 million tonne as against 3.12 million tonne reported in July 2019, the report added.
“These are signs of economic revival,” a government official told the paper.
Moneycontrol could not independently verify the story.
Export of non-oil products in July have bounced back to 95 percent of the levels seen last year while non-oil imports have recovered to 70 percent, the report stated.
India’s exports had contracted for the fourth month in a row in June, falling 12.41 percent to $21.91 billion, it said.
Economic activity had picked up in June, after halting for around two months during the COVID-induced lockdown.
According to the Centre for Monitoring Indian Economy (CMIE), the country’s unemployment rate in June was 10.99 percent, lower than the levels of 23 percent observed in April and May.
Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman recently ‘green shoots’ of economic recovery are visible.
Source: moneycontrol
