Green shoots for exports

Policy reform must support a sustainable recovery

The new trade data throws up some interesting developments with Indian exports and imports. For one, boosted by a weaker rupee, exports grew at about 11 per cent year-on-year in March 2019 — the highest such growth for several months. Twenty of the 30 overall product lines saw an increase in exports, including chemicals, pharmaceuticals, and, of course, petroleum products. This late surge means that 2018-19 exports, in dollar terms, come in as being marginally higher than in 2013-14, after long years of stagnation. However, exports measured as a proportion of GDP have not kept pace. The trade deficit in