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India’s exports in Jan up 4%, trade deficit widens to $14.73 billion (Lead)
New Delhi, Feb 15 (IANS) India’s merchandise exports grew 3.74 per cent on a year-on-year basis in January to $26.36 billion, from $25.41 billion reported for the corresponding month of last year, official data showed on Friday.
Commerce Ministry data showed that although the country’s trade deficit last month at $14.73 billion decreased compared to the deficit of $15.67 billion in January last year, it was, however, higher than the $13.08 billion trade deficit recorded in December 2018.
The higher trade deficit in January over the previous month was mainly on account of the rise in gold imports, which jumped 38.16 per cent year-on-year to $2.31 billion.
“Non-petroleum and non-gems and jewellery exports in January 2019 were $19.90 billion, as compared to $18.40 billion in January 2018, exhibiting a positive growth of 8.17 per cent,” the Ministry said in a statement.
“Cumulative value of exports for the period April-January 2018-19 was $271.80 billion as against $248.18 billion during the period April-January 2017-18, registering a positive growth of 9.52 per cent in dollar terms,” it said.
As per the data, organic and inorganic chemicals, drugs and pharmaceuticals, gems and jewellery and engineering goods showed high export growth during the month under review.
On the other hand, imports were flat in January, growing only 0.01 per cent to $41.09 billion, from $41.08 billion reported for the corresponding month of 2018.
Oil imports in January 2019 were $11.24 billion, which was 3.59 per cent lower in dollar terms, compared to $11.66 billion in January 2018 on account of a fall in global crude oil rates, the statement said.
“The global Brent price ($/barrel) has decreased by 14.09 per cent in January 2019 vis-à-vis January 2018 as per data available from World Bank,” it said.
As per Reserve Bank of India (RBI) data, services exports in December 2018 at $ 17.93 billion saw a growth of 7.50 per cent over the previous month.
Services imports in December at $11.38 billion registered a healthy growth of 12.53 per cent over November 2018.
Consequently, India’s trade balance in services for December came in at $ 6.55 billion.
Taking merchandise and services together, the overall trade deficit for the first ten months of the current fiscal was at $90.58 billion, as compared to $75.73 billion during April-January of 2017-18, it said.
Commenting on the trade data, the Federation of Indian Export Organisations (FIEO) said that the nominal growth in exports in January is the result of “tough global condition and some constraints on the domestic front.”
“Almost all the sectors during the month have shown nominal growth. However petroleum was one of the sectors which showed higher negative growth further pulling down the overall exports,” FIEO President Ganesh Kumar Gupta said in a statement.
“The FIEO Chief once again reiterated his demand for urgent and immediate support including augmenting the flow of credit, higher tax deduction for R&D and better fiscal support including augmenting the budgetary support for marketing and exports related infrastructure,” the FIEO statement said.
–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.
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