According to a report from GTRI, India’s imports of goods are projected to increase by around 16% . It will elevate to $710 billion in the current fiscal year, primarily driven by a surge in inbound deliveries of crude oil, coal, diamonds, chemicals, and electronics. Additionally, the report stated that the Indian economy is expected to be moderately affected by sluggish global demand and the recession in major economies.
India’s overall merchandise imports are majorly dominated by six product categories, which constitute 82% of the total imports. These categories comprise crude oil and petroleum, coal and coke, precious metals and diamonds, pharmaceuticals, chemicals, rubber, plastics, electronics, and machinery.
Additionally, it is mentioned that the estimated value of petroleum imports is USD 210 billion. This includes crude oil, LNG and LPG. Moreover, it is anticipated that the country’s coal and coke imports will reach USD 51 billion in 2022-23. India imports coking coal, which is utilized as a raw material for steel production, and thermal coal, which is employed for electricity generation. According to the report, coking coal imports for this fiscal year may surpass USD 20.4 billion, an 87% increase from the previous year, while steam coal imports may go beyond USD 23.2 billion, a 105% increase from the previous year.
Also Read: India’s Defence Equipment Exports to Reach Rs 40,000 Crore by 2026: Rajnath Singh
Likewise, India’s diamond imports for this fiscal year are predicted to be around USD 27.3 billion, but a majority of them were exported, earning the country USD 24 billion.
Also, during this fiscal year, India’s diamond imports are predicted to reach USD 27.3 billion, but a significant portion of it was exported, generating a revenue of USD 24 billion for the country. The report also indicates that chemicals, pharmaceuticals, plastics, and rubber constitute almost 13.8% or USD 98.2 billion of India’s imports. The primary imports in this category include organic chemicals such as active pharma ingredients, fertilizers, and plastics.
Talking about the machinery, electronics, and telecom, they constitute almost 20.4% or USD 135 billion of India’s imports, according to the report. The report also cautions India about subsidized imports in the steel, metals, ores, and minerals sector, as China, Korea, and Japan have surplus capacities, and carbon border taxes are expected to limit exports to the EU.
Among India’s primary import merchandise comes the UAE, China, the US, Saudi Arabia, Iraq, Russia, Indonesia, Singapore, and South Korea.
Furthermore, the official figures for exports and imports in 2022-23 are anticipated to be published by the commerce ministry in mid-April. From April to February 2022-23, the imports escalated to USD 653.47 billion in contrast to USD 549.96 billion for the same duration in 2021-22.
