India's trade deficit reached a nine-month low of $17.5 billion in January, with exports rising by 3% to $36.9 billion and imports also increasing to $54.4 billion, according to data from the commerce department.
“Despite the Red Sea crisis, recession in developed countries and a fall in commodity prices, we have been able to achieve a growth… the objective is to see how we can navigate the difficult situation in Red Sea,” commerce secretary Sunil Barthwal said.
In recent weeks, the government has sought to ensure that there is adequate credit available to exporters and insurance premium through Export Credit Guarantee Corporation does not rise despite the tension.
Israr Ahmed, the Fieo chief, highlighted the urgency of addressing the Red Sea crisis by ensuring the availability of marine insurance, maintaining a regular supply of containers, and managing reasonable freight charge increases. With services experiencing a robust resurgence, the government is optimistic about matching last year's combined figures. Barthwal added that the government is prioritising new markets and products to expand the footprint of Indian exports and collaborating with businesses to navigate non-tariff barriers in other markets.