India is seeing a rise in its exports and general trade economy as the global demand for trade has started to pick up again.
According to Shreya Nandi, A journalist for Business-Standard , “India exported goods worth $35.43 billion in July, the highest first time ever in a month, due to recovery in key global markets and robust demand, according to the data released by the commerce and industry ministry on Friday.”
Outbound shipments grew by nearly 50 per cent over July 2020, which can be partly attributed to a favourable base. As compared to pre-Covid level, the growth was 35 per cent from July 2019. Merchandise exports and imports had plummeted in the first few months of 2020-21, with the imposition of lockdown measures to curb the spread of Covid-19.
With a large and significant increase in trade, India has been moving towards supporting enterprises to scale and create a presence in trade markets. International trade events are promoting organizations that integrate businesses with trading and give them recognition to increase their “commerce footprint” in the dynamically evolving economic experiment called “India.”
So far, organisations like WTI (World , Trade and Investment Network ) and Source From India have been promoting sourcing and trade from countries like India . The aim of the organizations is to make information and platforms for trade and investment growth more accessible to businesses of all sizes to operate and create their presence on a global scene.
Companies with little exposure to globally recognized inbound investments, services providers and opportunities to trade on bigger platforms will soon be on the rise to recognition by larger audiences. A free market economy for global supply and demand would reduce unemployment in general, bring more opportunities to source products and services from India and would lead to a more equitable distribution of the “slice of the pie” in global trade.
- Anirudh Iyengar