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India’s exports rise by 20% in May; high oil prices widens deficit (Roundup)
New Delhi, June 15 (IANS) High oil prices widened India’s May trade deficit even as exports rose by 20.18 per cent to $28.86 billion from $24.01 billion worth of merchandise shipped out during the corresponding month of last year.
According to data released by the Ministry of Commerce and Industry on Friday, petroleum products, organic and inorganic chemicals and drugs and pharmaceuticals showed a high export growth rate.
“Non-petroleum and non-gems and jewellery exports during May 2018 were valued at $19.94 billion as compared to $17.51 billion during May 2017 exhibiting a positive growth of 13.85 per cent,” the ministry said in a statement.
As per the data, the country’s imports during the month under review rose by 14.85 per cent to $43.48 billion in May 2018 from $37.86 billion in the like period of 2017.
Segment-wise, oil imports during May 2018 jumped by 49.46 per cent to $11.50 billion from $7.69 billion imported during May 2017.
The ministry pointed out that global Brent prices ($/bbl) have increased by 50.68 per cent in May 2018 vis-à-vis May 2017.
“Non-oil and non-gold imports in May 2018 valued at $28.50 billion has recorded a positive growth of 13.09 per cent as compared to non-oil and non-gold import in May 2017,” the statement said.
Consequently, India’s merchandise trade deficit widened to $14.62 billion during last month as against $13.84 billion in the corresponding period the previous year.
ICRA Principal Economist Aditi Nayar said: “Even though merchandise export growth outpaced that of merchandise imports in May 2018, the trade deficit widened on a YoY basis, as a higher net oil import bill wiped away the benefits of a contraction in imports of gold and precious stones.”
“Nevertheless, the merchandise trade deficit for May 2018 modestly exceeded our forecast, with a smaller than anticipated contraction in gold imports.”
Nayar pointed out that growth of “non-oil non-gold merchandise” imports rebound to double-digits in May 2018 was driven by inputs such as iron and steel, non ferrous metals, fertilizers, chemicals, coal, machinery and transport equipment.
EEPC (Engineering Export Promotion Council) India Chairman Ravi Sehgal said the challenge “is to keep the momentum, while growing US economy would help, the US-China trade war must be watched about”.
In another data point, the Reserve Bank of India (RBI) said that the trade balance in services for April, 2018 was estimated at $6.65 billion. The central bank’s data comes out with a lag of around 45 days.
“Taking merchandise and services together, overall trade deficit for April-May 2018-19 is estimated at $ 21.69 billion as compared to $21.41 billion during April-May 2017-18,” the statement said.
Indian merchandise exports in 2017-18 grew by 9.8 per cent over the previous year, while services exports were up by 17.8 per cent.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.