New Delhi: NITI Aayog has released its latest publication analyzing India’s trade performance for the first quarter of the financial year 2024 (April to June). The report, unveiled by Vice Chairperson Suman Bery, provides a detailed snapshot of India’s trade position, incorporating global demand-supply trends, sectoral insights, and emerging opportunities. The event also featured NITI Aayog Members Dr. V.K. Saraswat and Dr. Arvind Virmani, along with CEO BVR Subrahmanyam and other senior officials.
The Trade Watch publication highlights the stability and moderate growth of India’s trade performance during the first quarter of FY24. Total trade reached $576 billion, registering a 5.45% year-on-year increase. While merchandise exports faced challenges due to declines in critical sectors such as iron and steel and natural and cultured pearls, imports saw a boost driven by high-value commodities, including aircraft, spacecraft, mineral fuels, and vegetable oils. Meanwhile, services exports demonstrated encouraging results, recording a surplus and adding to India’s overall trade resilience.
Speaking at the event, Vice Chairperson Suman Bery emphasized the importance of the publication in fostering data-driven decision-making and informed policy development. He noted that the findings would serve as a foundation for identifying markets and sectors where India could enhance its comparative advantage in global trade. Dr. Arvind Virmani echoed this sentiment, commending the report as a vital tool for navigating India’s evolving trade environment.
BVR Subrahmanyam, CEO of NITI Aayog, underscored the significance of evidence-based policymaking in a rapidly changing global trade landscape. He highlighted how the quarterly analysis aligns with India’s broader vision of Viksit Bharat (India@2047), aimed at leveraging trade potential for sustainable growth and enhanced competitiveness on the international stage.
This publication, marking the launch of a quarterly series, represents a significant step toward offering timely and comprehensive insights into India’s trade dynamics. It is expected to play a critical role in shaping policies that strengthen India’s position in the global trade ecosystem while driving long-term economic progress.
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