The country’s foreign exchange reserves are continuously rising and it has remained at a level of more than 400 billion US dollars. The Economic Survey of 2018-19 presented in the Parliament on Thursday said that the rupee exchange rate in the market remained at 65-68 per dollar during 2017-18, but in 2018-19, rupee was lighter than the dollar by 70-74 Was gone till The decline in rupee mainly due to the surge in crude oil.
According to the survey, India’s import purchasing capacity is increasing as the prices of crude oil prices are declining in comparison to exports. India’s foreign debt outstanding in December 2018 was $ 521.1 billion, which is 1.6 percent lower than March 2018. Long-term foreign debt outstanding decreased 2.4 percent to $ 417.3 billion in December 2018.
However, its share of total foreign debt outstanding in the country is about 80.1 percent of the 80.7 percent of the same period last year. In 2018-19, the total value of goods worth $ 330.7 billion was exported from the country. These include the export of most petroleum products, precious stones, medicines, gold and other precious metals.
During this period, goods worth $ 514.03 billion worth of goods were imported in the country. Imported goods include crude oil, petroleum products, pearls, precious and semi-precious stone and gold major. India’s trade deficit during the financial year 2018-19 was $ 183.96 billion. During this time, the US, China, Hong Kong, United Arab Emirates and Saudi Arabia remained the main partners of India.
Regarding business facilitation in the review, it has been said that India ratified the Business Facilitation Agreement of the World Trade Organization in April, 2016 and under it formed National Business Facilitation Committee. The committee has played an important role in reducing the high duty of import and export of the country. Because of this, India’s performance in border trade and facilitating the business environment within the country has been very good. The review said that the government has drafted the National Logistics Policy under the National Logistic Action Plan. Its main objective is to accelerate economic growth and make the country’s business more competitive at the global level.