The government is lifting the lockdown in the country in a phased manner. Earlier this week, it announced the Unlock 5.0 guidelines as India continues to battle the COVID-19 pandemic. The country, so far, has reported over 60-lakh cases and it is amongst the worst-hit nations globally.
The unlocking of the country has definitely bought some relief for businesses, especially MSMEs. In fact, according to a Live Mint report, India’s outbound shipments showed early signs of recovery in September for the first time in seven months. The merchandise exports rose by 8.3% in the first three weeks of the month. However, experts suggest that a second wave of the pandemic in the European countries, coupled with regional lockdowns in high-risk areas within India, might hurt this turnaround.
Trade Update
4TH OCTOBER
# 87
Prime Minister Narendra Modi and his Denmark counterpart Mette Frederiksen agreed to work towards an early conclusion of the bilateral broad-based trade and investment agreement. In the first virtual summit on September 28, Prime Minister Narendra Modi and his Denmark counterpart Mette Frederiksen agreed to elevate India-Denmark relations to a Green Strategic Partnership.
COVID-19 pandemic turns into economic crisis rather a health crisis as the world’s best economies experiencing negative GDP growth. India place at second position in coronavirus cases with more than 4.5 million confirmed cases after the US. The growth of an economy generally measured by growth in GDP. Change in growth we can have measured by percentage change in GDP typically over a year. As per to the OECD (Organisation for Economic Co-operation and Development) the world economy could have face the same growth rate as it was in 2009 due to the outbreak of corona virus (COVID 19).
India’s outbound shipments are showing signs of a turnaround in September for the first time in seven months with merchandise exports expanding by 8.3% in the first three weeks of this month. However, an imminent second wave of covid-19 in many European economies, including the UK, may threaten a nascent recovery in external demand for Asia’s third-largest economy.
Drug maker Lupin expects its exports too stabilise to preCovid levels in the next two quarters with the launch of new products in Europe and the US.Exports are helping pharmaceutical (pharma) companies sustain the growth momentum as they launch new products and tap newer markets.
Ant Group, owner of China's ubiquitous mobile payment app Alipay, launched a blockchain-powered platform for cross-border trade settlements on Friday, as it races to launch more technology products ahead of its blockbuster IPO. The 16-year-old giant, backed by e-commerce conglomerate Alibaba Group Holding Ltd, plans to list simultaneously in Hong Kong and on Shanghai's tech-heavy STAR Market next month, in what could be the world's largest initial public offering (IPO) - surpassing oil giant Saudi Aramco's $29.4 billion float last December.