News Snapshot:
NEW DELHI : India’s merchandise imports, fuelled by purchases of oil, precious metals, and electronics, are expected to rise 15% to a record $710 billion in FY23, a report from the Global Trade Research Initiative (GTRI) said. Economists said that India’s import bill swelled largely owing to higher commodity prices following the Russia-Ukraine war and increased domestic consumption due to pent-up demand. India’s imports now exceed its exports for 22 of its top 25 trading partners, according to the GTRI report. China remains India’s largest source of imports, accounting for $102.6 billion, nearly twice the amount of imports from the...
