According to a report released on Wednesday by the economic think tank GTRI, India will import goods worth $710 billion more than it did last fiscal year as a result of an increase in shipments of chemicals, electronics, crude oil, coal, diamonds, and other commodities. The Global Trade Research Initiative (GTRI) also predicted that the weak global demand and recession in advanced nations will have a mild impact on the Indian economy.
Eighty-two percent of India’s total imports are made up of six product categories: electronics, machinery, chemicals, pharma, rubber, and plastics; coal, coke; diamond, precious metals; petroleum, crude oil; coal; and coal. “ India is expected to import $710 billion worth of goods in the fiscal year that ends in March 2023, up from $613 billion in FY’2022, a rise of more than 15.8%. GTRI co-founder Ajay Srivastava noted that sales were up over last year.
It stated that the estimated value of petroleum imports, which comprises crude oil, LNG, and LPG, is $210 billion. Crude imports increased by 53% over the previous fiscal year. India purchased crude from a variety of nations. Iraq ($36 billion), Saudi Arabia ($31 billion), Russia ($21 billion), the UAE ($7 billion), and the United States ($11.9 billion) are the top five suppliers. Over the previous year, imports from Russia soared by 850 percent, it continued.
