Agency, Mumbai.
Published by: Jeet Kumar
Updated Fri, 04 Mar 2022 05:23 AM IST
Summary
Given the current situation, India is not going to get any relief on the export front. This can increase India’s trade deficit.
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hear the news
Analysts say that after the effect of the third wave, now the record sharp rise in crude oil will increase India’s trade and current account deficit. With this, the pressure on the domestic currency will also increase.
According to the preliminary data of the government, the country’s trade deficit increased to $ 21.19 billion in February 2022 as compared to $ 17.94 billion in January 2022. Barclays economist Rahul Bajoria said that crude oil has crossed $110 per barrel in the global market.
With this, India’s exports have come down from $ 34.06 billion to $ 33.81 billion. During this period, imports increased from $ 52.01 billion to $ 55.01 billion. Given the current situation, India is not going to get any relief on the export front. This can increase India’s trade deficit.
Trade deficit widens to $21.2 billion in February, revenue and expenditure monitored daily since March 15
The finance ministry will monitor revenue receipts and expenditure, including tax collection, on a daily basis from March 15 to keep the fiscal deficit within the target. This decision has been taken amidst the apprehension of postponing LIC’s IPO.
In addition, the government’s decision to bring back thousands of Indian students stranded in Ukraine will put an additional burden on the exchequer. Officials said the Controller General of Accounts (CGA) has asked to make available the revenue collection and expenditure data of various ministries on a daily basis between March 15 and March 31.
Expansion
Analysts say that after the effect of the third wave, now the record sharp rise in crude oil will increase India’s trade and current account deficit. With this, the pressure on the domestic currency will also increase.
According to the preliminary data of the government, the country’s trade deficit increased to $ 21.19 billion in February 2022 as compared to $ 17.94 billion in January 2022. Barclays economist Rahul Bajoria said that crude oil has crossed $110 per barrel in the global market.
With this, India’s exports have come down from $ 34.06 billion to $ 33.81 billion. During this period, imports increased from $ 52.01 billion to $ 55.01 billion. Given the current situation, India is not going to get any relief on the export front. This may increase India’s trade deficit.
Trade deficit widens to $21.2 billion in February, revenue and expenditure monitored daily since March 15
The finance ministry will monitor revenue receipts and expenditure, including tax collection, on a daily basis from March 15 to keep the fiscal deficit within the target. This decision has been taken amidst the apprehension of postponing LIC’s IPO.
In addition, the government’s decision to bring back thousands of Indian students stranded in Ukraine will put an additional burden on the exchequer. Officials said the Controller General of Accounts (CGA) has asked to make available the revenue collection and expenditure data of various ministries on a daily basis between March 15 and March 31.