According to a report by economic think tank GTRI, India’s merchandise imports are expected to increase by approximately 16 per cent to $710 billion in the current fiscal year. This growth is attributed to a rise in inbound shipments of crude oil, coal, diamonds, chemicals, and electronics. GTRI also noted that weak global demand and recession in large economies may have a moderate impact on the Indian economy.
The report highlights that six product categories, namely petroleum, crude oil, coal, coke, diamond, precious metals, chemicals, pharma, rubber, plastics, electronics, and machinery, make up 82 per cent of India’s total merchandise imports. GTRI co-founder Ajay Srivastava stated that “India’s merchandise imports for the fiscal year ending March 2023 are estimated to touch $710 billion, up from $613 billion in FY22, an increase of over 15.8 per cent over last year.”