The Prime Minister of the country Narendra Modi wants the country to become the new engine of the Global Economy. The way China has moved forward in the manufacturing sector. This sector of India ran with the speed of double that. For this, many international players are ready to work with India. Just the businessmen of the country need to be revealed. For this reason, the Prime Minister of the country said that the businessmen and industry of the country should not remain mute spectators. Also, it was also advised that he should take a benefit of opportunities available in the global supply chain.
Let us tell you that recently the PMI of the manufacturing sector has come out, which is at the lower level of 14 months. These figures are not good for the country's economy. On the other hand, once again in Global Economy, it has started a trade war. America and China are putting tariffs on each other's imports. In such a situation, many opportunities can be created for India. PM Modi's gesture is also being seen on this side. Let us also tell you what the PM Narendra Modi of the country has said to the industry.
The country's PM Narendra Modi told the industry on Tuesday that he should not be mute spectators and take advantage of the opportunities available in the global supply chain. He said that the world wants to strengthen its economic partnership with India. Prime Minister Modi said that India's manufacturing sector should take advantage of the growing needs of the world by producing high quality products. After the budget, he said in a webinar on regulatory, investment and business ease reforms that today India is providing stable policies and better business environment. I urge you to take big steps to carry forward the manufacturing and export of the country.
Modi said that the industry should pay attention to the manufacture of innovative products that are demanded abroad and this will promote exports. Modi said that today the world needs a trusted partner… The industry should not be only spectators, but should find opportunities in the global supply chain. He said that today India has become a growth engine for global economy… The country has proved its flexibility even in difficult times.
There has been a big decline in exports in the month of January. According to Commerce Department data, exports had seen a decline of 2.4 per cent on an annual basis in January and the figure had come to $ 36.43 billion. In contrast, the import saw a 10 per cent increase and the figure increased to $ 59.4 billion. The country saw the most important gold (40.8 per cent), electronic goods (17.8 per cent), chemical (71.8 per cent), iron ore (26 per cent) and vegetable oil (11.4 per cent).
However, the import of crude oil, which is 22 per cent of India's total import basket, fell 13.5 per cent to $ 13.4 billion in January. The decline in exports was mainly due to a decline of 58.7 per cent in exports of refined petroleum products, 58.7 per cent year-on-year, due to continuous decline in global petroleum prices and decrease in demand for petrochemical products.
