NITI Aayog launches Trade Watch Quarterly in New Delhi
Trade Watch Quarterly will be a periodic publication focusing on India’s trade developments and emerging opportunities, insights of which shall be leveraged for evidence-based policy interventions: BVR Subrahmanyam, CEO, NITI Aayog
The Vice
Chairperson of NITI Aayog, Suman Bery released NITI Aayog’s latest publication
analysing India’s trade statistics for the first quarter of the financial year
2024 (April to June), on 04th December
2024 in New Delhi in the august presence of Members NITI Aayog namely Dr VK
Saraswat and Dr Arvind Virmani; BVR Subrahmanyam, CEO, NITI Aayog and other
senior officials. The trade watch publication offers a holistic snapshot of
India’s trade position, combining global demand-supply perspectives, sectoral
performance, and insights into emerging trade opportunities.
During Q1 FY’24, India’s trade performance
demonstrated stability and moderate growth. Total trade stood at $576 billion,
registering a 5.45% year-on-year increase. Merchandise exports showed
restrained growth, influenced by declines in critical sectors such as iron and
steel, as well as natural and cultured pearls. On the other hand, imports were
propelled by high-value commodities, including aircraft, spacecraft, mineral
fuels, and vegetable oils. Services exports displayed an encouraging surplus.
Vice Chairperson Suman Bery shared his perspective that
the publication shall foster informed decision-making, strengthen policy
initiatives, and encourage long-term sustainable growth in the global trade
landscape. He exhorted that the findings of the same will be instrumental in
shaping future policies and interventions aimed at driving progress in trade
areas by identifying markets and sectors where India can gain a stronger
comparative advantage.
Dr Arvind Virmani, Member NITI Aayog congratulated the entire
team for coming up with a comprehensive trade publication and expressed that
this document will serve as an important tool for navigating India’s evolving
trade landscape.
During the event, BVR Subrahmanyam, CEO, NITI Aayog
emphasised the importance of data-driven approaches and evidence-based
policymaking and stated that by providing a detailed analysis of India’s trade
position each quarter, the publication will support evidence-based
policymaking. This initiative is aligned with the commitment to strengthening
India’s trade competitiveness in line with the aim to capitalise on India’s
trade potential for Viksit Bharat (India@2047) and to ensure sustainable growth
in a rapidly changing global trade environment.
It is further informed that this publication marks the
launch of a quarterly series aimed at offering timely insights into India’s
trade dynamics.
The full publication can be accessed at: https://www.niti.gov.in/sites/default/files/2024-12/Trade-Watch.pdf