Non-essential curbs

Policy focus must shift from imports to exports

The expanding trade deficit has prompted the government to actively curb imports. Reflecting the global economic slowdown, India’s merchandise exports contracted 8.8 per cent in February to $33.88 billion, compared to the same period last year. For this fiscal year so far (April-February), merchandise exports have grown 7.55 per cent, compared to the equivalent period last year. Merchandise imports also contracted 8.2 per cent in February, while the trade deficit was at $17.43 billion. The merchandise trade deficit for the fiscal year so far came at $247.53 billion. It was about $172 billion during the same period last year. Sustained robust growth in services exports has helped narrow the overall (merchandise and services) trade deficit.

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