India's Trade Deficit Scenerio (FY10 to FY20)
Despite economic reforms in the Indian economy from time to time, one problem has stayed intact, untouched by the reforms, and that is—the trade deficit, which is the excess of imports over exports. If the recent economic initiatives are brought to the focus, it shows tremendous emphasis by the Government of India to invigorate the production landscape of the country. Measures involving Goods and Services Tax (GST) implementation, infusing capital to public sector banks, services sector incentives, efforts to ease doing business, and impetus to domestic production, say a lot about the government’s intent to tame the trade deficit by boosting exports and reducing imports. However, there has been no correction in the trade deficit scenario in India. An analysis shows that the trade deficit in India has grown at a CAGR of 3.5 percent from FY10 to FY20, which underscores the need to actuated impactful measures to reverse the trend to benefit the country. ...