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Goods exports grew 6%, imports 16.5% in 2022-23: Page 1
- India’s goods exports declined for the second successive month in March 2023, falling 13.9% to $38.38 billion, while imports dipped 7.9% to $58.11 billion.
- Total goods exports in 2022-23 rose 6.03% to $447.46 billion, while imports surged by a steeper 16.5% to $714 billion in 2022-23.
- The goods trade deficit rose almost 40% to over $266 billion in 2022-23, compared to $190 billion in 2021-22.
- Despite global headwinds, India surpassed its 2022-23 target of $750 billion to hit $770.18 billion in exports, which is $94 billion higher than last year’s record exports, taking into account services exports estimates combined with actual numbers for goods exports.
- Petroleum and electronics goods were the leading export items for India in 2022-23, with petroleum exports accounting for 21.1% of total exports.
- Engineering goods, which have been a mainstay of India’s goods exports in recent years, shrank 5.1% to $107 billion, bringing down their share in total exports from 26.6% to 23.9%.
- Non-oil exports contracted 0.5%, and excluding electronics exports, goods shipments were 2.8% lower than 2021-22, which economists consider a red flag.
- India’s imports from Russia grew almost 370% to over $46 billion in 2022-23, making Russia the fourth largest import source nation for India, behind China, the UAE, and the U.S.
- China’s share of goods imports to India dipped to 13.8% in 2022-23 from 15.4% in 2021-22, although imports from China still grew 4.2% to reach $98.5 billion in 2022-23, while Indian exports to China fell 28% to $15.3 billion.
- Petroleum and coal imports increased in 2022-23, with petroleum imports jumping about 30% to nearly $210 billion and coal imports growing by 57% to almost touch $50 billion.
- The U.S. remained India’s top export destination, followed by the UAE, while the Netherlands emerged as the third largest goods buyer, displacing China to the fourth position in 2022-23.
- The government of India has set a target of $2 trillion for goods and services exports by 2030 under the new Foreign Trade policy, and the apex exporters’ body FIEO sought marketing support and exemption from Goods and Services Tax (GST) levied on freight for goods shipments.
Neutral, not passive: Page 8
- Ukraine’s Deputy Foreign Minister’s visit to India highlights Kyiv’s desire to build closer ties and seek help in resolving the conflict with Russia.
- India has historically had deep defense ties with Russia, making the situation complicated.
- India has pursued a realpolitik approach, refusing to condemn Russia, maintaining trade and defense ties, but expressing uneasiness with the war and calling for respect for territorial integrity of all nations.
- As the conflict continues, India’s balancing act could be seen as inactiveness, and there may be growing pressure for India to show global leadership and help end the war.
- China and Brazil have hinted at playing a bigger role in brokering peace, and India should not shy away from taking a more proactive stance.
- India’s policy of strategic neutrality should not mean inaction, but rather empathizing with the victim, raising the voice of the Global South, and pushing for a pragmatic and permanent solution to the conflict.
- India should uphold international laws and sovereignty of all states while actively working towards resolving the conflict in a practical manner.
- India’s role as the chair of the G-20 and the Shanghai Cooperation Organisation gives it a platform to advocate for peace and stability in Ukraine and the region.
The rules for recognition as a national party: Page 10
- The Aam Aadmi Party (AAP) led by Arvind Kejriwal was accorded the status of a national party by the Election Commission of India on April 10, 2023.
- The Trinamool Congress (TMC), Communist Party of India (CPI), and Nationalist Congress Party (NCP) lost their national party status.
- The criteria for recognition as a national party include being recognized as a state party in at least four states, securing 6% of the total votes polled in four states in the last Lok Sabha or Assembly elections, and winning 2% of seats in the Lok Sabha from at least three states.
- The Symbols Order of 1968 was amended in 2016 to allow parties one additional “pass over” to retain their national or state party status even if they fail to meet the eligibility criteria in the next elections.
- The Trinamool Congress lost its national party status as it did not meet the eligibility conditions in the required four states, while the CPI retained its national status despite its performance in the 2014 Lok Sabha election due to the “pass over” amendment.
- The criteria for recognition as a state party include securing at least 6% of the valid votes polled and two seats in Assembly polls or one seat in Lok Sabha polls, or winning a certain percentage of seats in the legislative assembly of the state, Lok Sabha seats allotted for the state, or polling a certain percentage of votes in a state.
- The benefits of recognition as national and state parties include a reserved party symbol, free broadcast time on state-run television and radio, consultation in the setting of election dates, and input in setting electoral rules and regulations.
- Candidates put up by registered but unrecognised political parties are allotted election symbols by the Returning Officers of the constituencies after the last date for withdrawal of candidature, which means they cannot use a single poll symbol across the country.
What is ‘Dabba trading’ and how does it affect the economy?: Page 10
- Dabba trading refers to an illegal form of informal trading that takes place outside the purview of stock exchanges, where traders bet on stock price movements without incurring real transactions or taking physical ownership of stocks.
- Dabba trading is done using unrecognised software terminals or informal records, making it difficult to track and regulate. It is operated outside the formal banking system and lacks auditable records, which can potentially encourage the growth of ‘black money’ and perpetuate a parallel economy.
- Dabba trading is recognized as an offence under Section 23(1) of the Securities Contracts (Regulation) Act (SCRA), 1956 in India and upon conviction, can invite imprisonment for a term extending up to 10 years or a fine up to ₹25 crore, or both.
- Dabba trading poses risks such as potential defaults by brokers, lack of formal provisions for investor protection, dispute resolution mechanisms, and grievance redressal mechanisms that are available within regulated exchanges.
- Dabba trading can also induce volatility in the stock market and cause loss of volumes for regulated exchanges, as dabba brokers may hedge their exposures by taking positions in alternate assets or investments.
- Dabba trading is often lured by aggressive marketing, ease of trading using apps with quality interfaces, and lack of identity verifications, which can attract potential investors but can also result in harassment by recovery agents and refusal of payments upon profit.
- Dabba trading also evades taxes, as there are no proper records of income or gains, resulting in loss to the government exchequer, and can potentially be linked to money laundering and criminal activities.
These points highlight the illegal, unregulated, and risky nature of dabba trading, and the need for regulatory authorities to take action against such activities to protect investors and maintain the integrity of the stock market.
Brazil is back, says Lula during state visit to China: Page 15
- President Lula is on a state visit to China to strengthen trade ties and win support for his push for peace in Ukraine. This visit is aimed at repositioning Brazil as a key global player after a period of relative isolation under his predecessor Jair Bolsonaro.
- President Lula stated that “Brazil is back!” during the visit, indicating his intention to restore Brazil’s presence in major world decisions.
- President Lula inaugurated his political ally Dilma Rousseff as the president of the BRICS New Development Bank (NDB) during the visit. The NDB is a multilateral lender jointly set up by Brazil, China, Russia, India, and South Africa.
- Both China and Brazil have positioned themselves as mediators in the Ukraine conflict, despite concerns from the West about their relationship with Russian President Vladimir Putin.
- The visit is also focused on deepening economic links between China and Brazil, as China is Brazil’s biggest export market, particularly for soybeans, beef, and iron ore.
- President Lula visited a research center run by telecom giant Huawei during his visit, indicating a potential interest in strengthening technological and economic ties between Brazil and China.
- Ms. Rousseff, a former leader of Brazil, will head the NDB until 2025, indicating Brazil’s continued involvement and influence in the multilateral development bank.
These points highlight the objectives of President Lula’s visit to China, including strengthening trade ties, positioning Brazil as a global player, and deepening economic and technological links between the two countries.
Source: The Hindu Epaper
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