India Becomes 5th Largest Economy

It is a proud moment for India as the country recently surpassed the UK to become the 5th largest economy in the world, as per International Monetary Fund (IMF) projections. However, according to the World Trade Organization (WTO) data, India’s share in international trade is rather measly, constituting merely 2-3% of the pie. Yet, things may appear brighter than they seem. After touching $20Mn sea-borne shipments of festive goods to the US, which is triple the value from 2021, India is steadily making headway into the US market, overtaking the Philippines and strengthening its position to become the next China.

ECONOMY

Exports Dip 1.15% to $33 Billion in August; Trade Deficit Widens to $28.68 Billion

India's exports contracted by 1.15 percent to $33 billion in August, for the first time in over 20 months, while the trade deficit more than doubled to $28.68 billion due to increased crude oil imports. According to the preliminary data released by the commerce ministry on Saturday, imports rose by 37 percent to $61.68 billion in August this year.

---

MSMES

SMEs Selling Via Ecommerce Record 194% Jump In Revenues

Ecommerce users have recorded 1.5 times higher value addition, with online businesses enjoying 194 percent revenue than their counterparts, as per the report by Tata Institute of Social Sciences (TISS).

---

BILATERAL TRADE

Revving exports to US keep India in race to be the next China

India, believed by many to have the potential to become the next China, is finally making headway in the exports market as it broke into the top 5 suppliers of Christmas decorative items and t-shirts to the US.

---

SHIPPING & LOGISTICS

DPIIT Sets Up Online Dashboard To Address Logistics Sector Related Issues

In a bid to resolve issues in the logistics sector, the Department for Promotion of Industry and Internal Trade’s (DPIIT) logistics division has launched an interactive dashboard that would register complaints and receive suggestions related to the sector.

---

INTERNATIONAL TRADE

India fifth-largest economy but lags in global trade

India, the fastest growing economy among G-20 countries, has become the world’s fifth largest economy, displacing the UK to the sixth position. In 2021, India ranked fifth in economic power after the US, China, Japan, and Germany.

---