The country’s trade deficit tripled; Imports, exports also increased in July

The country’s exports grew by 2.14 percent in July to $ 36.27 billion. At the same time, the trade deficit has almost tripled to $ 30 billion in the same month.

The country’s exports grew by 2.14 percent in July to $ 36.27 billion.

The country’s exports grew by 2.14 percent in July to $ 36.27 billion. At the same time, the trade deficit has almost tripled to $ 30 billion in the same month. According to official figures released on Friday, Import In July, it grew 43.61 percent year-on-year to $ 66.27 billion. The trade deficit stood at $10.63 billion in July 2021.

Earlier, exports were estimated to decrease

According to preliminary data released earlier this month, exports in July were estimated to decline 0.76 per cent to $35.24 billion. It was $ 35.51 billion in July 2021.

Apart from this, let us tell you that the Ministry of Commerce is preparing to bring a new five-year Foreign Trade Policy (FTP) before September this year. A plan to convert each district into an export hub will also be part of the document. Giving this information, an official said that the purpose of the FTP will be export promotion and employment generation. The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce is preparing this policy. He will soon send this proposal to the Finance Ministry for the allocation of funds for the scheme.

Government preparing to bring a new policy to increase exports

The official said that under this scheme, initially 50 such districts will be focused, whose products can be taken forward and which have huge export potential. DGFT selects these districts through competition. The official said that the states and districts which want to get financial incentives under this scheme have to compete for it. There are a total of 750 districts in the country. The official said that it will be a kind of competition between the states and the districts. He said that we will come up with detailed guidelines for this. This scheme will also be included in the FTP.

At the same time, let us tell you that the industrial production (IIP) of the country has registered a growth of 12.3 percent during June 2022. According to the Index of Industrial Production (IIP) released by the National Statistical Office (NSO) on Friday, industrial production has increased by 12.3 percent in the month of June. A year ago, during June 2021, there was an increase of 13.8 percent in IIP.

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