The first week of the new financial year, from 1-7 April, India saw its exports zoom by nearly 300 per cent on a year-on-year (YoY) basis led by engineering goods, gems and jewellery, and petroleum products Hindu Businessline.
The exports jumped up by a whopping 297.2 per cent to $6.79 billion. Meanwhile, during the week, imports into India also recorded a robust rise of 244.2 per cent to $9.66 billion on a YoY basis. The imports were led by crude, petroleum, and electronics.
It should be noted that the same period in 2020 was hit by the nationwide lockdown. The exports in the first week of April last year had fallen by a steep 72.7 per cent to $1.71 billion. Therefore, a part of the surge in exports this year could be attributed to the low base.
Meanwhile, exporters have lately begun to report that their order books have started to turn positive and that there is fresh interest in Indian products. This gains significance as bygone March had also seen the exports surge by robust 58.23 per cent to $34 billion.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.