Why Are India's Exports Slowing Down? | Vantage with Palki Sharma
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- Опубліковано 22 сер 2023
- Why Are India's Exports Slowing Down? | Vantage with Palki Sharma
India's exports to its free trade partners shrank by 18% in the first half of 2023. The country's trade deficit ballooned by 40% to nearly $267 billion in the last financial year. These numbers have emerged amid India's push to sign free trade deals with the UK and the European Union.
Does this mean India's free trade deals are backfiring? Palki Sharma tells you.
India | Trade Deal | Free Trade Agreement | FTA | Export | UK | European Union | Firstpost | World News | Vantage | Palki Sharma
#india #tradedeal #freetradeagreement #exports #palkisharma #firstpost #vantageonfirstpost #worldnews
Vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens.
The show is anchored by Palki Sharma, Managing Editor, Firstpost.
By breaking stereotypes, Vantage aims to challenge conventional wisdom and present an alternative view on global affairs, defying the norm and opening the door to new perspectives. The show goes beyond the headlines to uncover the hidden stories - making Vantage a destination for thought-provoking ideas.
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Why does this anchor have unnecessary rhetorical questions? We don't know. Why is there a need for asking questions when you know the public will obviously not call in to answer your questions? The answer is that asking questions needlessly makes me look super serious and smart and educated and an intellectual and smart and intelligent and serious and elegant. Do you know that your news delivery is super annoying despite having wonderful content? It may be annoying but it looks good when I watch myself on my channel and admire myself before going to bed.
India is unable to manufacture or produce enough and supply like China. There has to be some guidance and provision for entrepreneurs from government. We need machines, land, and training. Small scale industries for products that is used in daily life. Look at China, how it has manufactured different kinds of products. People did not invent anything, government helped develop certain household items, provided machines, land and training, and people worked and government took also the responsibility to spread it in the markets around the world.
India has dual problem, incompetent industrialist & system also corrupted traders & local governments with average infrastructure. So making FTA with ASEAN means opening door for Chinese products in ASEAN countries lebelling 😂
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
One of our worst FTAs have been with South korea. It was very badly negotiated and is greatly in the favor of Koreans. As for india, SK doesn't provide any significant benefits or market for indias goods. Unlike US or Europe, south korea doesn't have much scope for IT and consulting services imports (which is one of the core competencies of india). The trade balance is greatly in their favor and it's about time this deal is renegotiated.
Yes
Also with Asean
@@drrajmmcwe don't have FTA with ASEAN.
The only reason for FTA with south korea is for the QUAD. Its a act of goodwill and show of trust.
Its a tricky balance between defense interests and trade interests.
@@saurabhpatil5946 South Korea is not part of the quad. And the FTA was signed when quad was nothing but an exercise.
The problem is India is only exporting Low value commodities and importing high value adding products.
No. India always talk and sometime.behaves like a superpower.
@@Facts..CheckerIndia is part of NATO. Never Actions Talk Only!
@@Facts..Checker kinda true ... Most of Indian lives in bubble with minimal research ...as an Indian 😅 I know so I can agree
For now that is true of merchandise exports but will change in future though and we export High value IT services so ur statement is about half true.
True journalism. If we mess up yup accept it .
Thanks Palki
As much as I like ur reporting, the only criticism is that please hire a good economist to analyse such issues. A person who can differentiate short term and long term outcomes. I want you guys to grow more but please please improve the quality of content when it comes to economic reporting. I have been following it for sometime. Last year when the stock market was down, you guys made a whole ruckus about it when anyone who understands economics was not much bothered. Best wishes! Please remember that given your position misguided information can hurt a lot of people.
I wouldn't depend much on here for any credible reporting to be honest.
CAUSE YOU ARE FROM WEST, AND YOU BELIEVE IN YOUR FAKE PROPOGANDA@@MrJermson
India not benefiting from free trade agreements with countries like SK and Vietnam, UAE etc is spot on.
@@MrJermsongiven your name you wouldn’t Mr germ. Name apart the mindset is diseased
If you depend on a news channel for you stock market research, you seriously need to rethink your investment strategy.
Ms Sharma, one reason is cheating by Indian exporters. I was working with one softdrinks company in middle East. We order mango pulp but we found pulp despatched is not the same compare to sample and cases found with countries with different products. Indian companies are sending inferior goods/ quality compare to what sample shared. Such practice should be stopped. Secondly existing government is useless and governance and leader ship is with illitreate mininisters and they doesnot aware anything on how to handle country economic issues. We need minister like Manmohan Singh.
The decline in exports is cyclical (due to recession in other countries), not structural. Exports will rise once the global economy recovers…
Until then what? The deficit will keep increasing so much that it'd take decades for us to catch up.
They all bend and blame then just expecting that we need some changes.
Kid yourself!
No protectionism, it leads to low quality products. Creating more competion with tax incentives is the capitalist way forward. India needs to be less socialist and more capitalist.
Did you just say subsidies are capitalist and somehow India is the one who needs to reduce socialist policies and tax cuts to corporates?
Only after our industries have grown to a passable levels I e by 2030 or 31.
But our imports are significantly greater than exports😢
A lot of imports consist of energy sources and raw materials and machine components rather than finished products.
@@someonejustsomeone1469 what do you think China imports ?
@@johnsmith-cw3wo usually energy sources and chemicals. And some food products in high demand.
A critical look at India's economic malaise, for a change. And instructive overall.
Main reason of reduce export is , ban on agricultural products , as they make a very high % of indian export .
lots of "intellectual" fools with economics degree supported such bad FTA because they have no clue on real world economics and have no real idea on how businesses and countries are run
India has been mislead by foolish economics and palki is correct in presenting data .............but the fact is If you take away IT and ITes exports
india would have been net trade deficit country since independence
including after signing FTA and WTO which does not cover IT and Ites services !
India must produce quality products that others need.
I am Chinese, and I will bring a fair analysis. The biggest challenge facing India going forward is carbon tariffs. This was originally a bullet fired by Europe and the United States at China. But China relies on developing solar and hydroelectric power. Successfully dodged the bullet. Unexpectedly, the bullet hit India.
Than why does China import coal from Indonesia and Canada.
Very interesting comment. Never knew this. Thanks.
We can neutralize that bullet
But we dont sure if we really need to do that
This guy is bot. In another comment he claims to be Indian. 👎
Bot is just trolling here. BTW, biggest coal burner is China today. So no, you have not ‘dodged’ any bullet.
india is also on good path to decarbonization, china wants to go carbon zero by 60 and india by 70, there is a huge gap b/w china and indias economy, hence i believe this gap is justified.
Agreed👍 tough negotiate needed❤
We need labour reforms to make our exports competetive.
Indian bum sour after china rise
@@rajx7120 u export cow 💩
India is unable to manufacture or produce enough and supply like China. There has to be some guidance and provision for entrepreneurs from government. We need machines, land, and training. .
Dont worry, reservation warriors will manufacture at level of SK japan china etc 😅
Slowing down? never fast before😅
It's difficult to do Manufacturing at home in India, we need to investigate what are all the hurdles that businesses have to face while trying to make products that the world wants. And NO, it's not an infrastructure issue, nor is it a land issue.
We are not producing enough! Our manufacturing got affected due to supply chain disruption, climate change and growing local demand. Also our traders are not usually aware of these policies
lots of "intellectual" fools with economics degree supported such bad FTA because they have no clue on real world economics and have no real idea on how businesses and countries are run
India has been mislead by foolish economics and palki is correct in presenting data .............but the fact is If you take away IT and ITes exports
india would have been net trade deficit countries since independence
including after signing FTA and WTO which does not cover IT and Ites services !
top blaming others. India has stopped rice and vegetables exports. India mainly exports food but it has stopped those exports. What did you expect?
India's signing FTA is counter productive because as Palki says it has little to export which is industrial and non-seasonal. So the FTA just have the effect of flooding the India market with imported gadgets, and you have a trade deficit.
I think the people in the policy-making, who have decades of experience and are master negotiators must have thought this basic thing. Thats why, I trust them.
@@piyushbaroliya7153 You trust them ? The same people who let India fall from same GDP to 1/5 of China's GDP in 30 years. Those guys are useless.
Because we are imposing export duty of 40% on Agri products.
India's major exports are IT exports and because there's slowdown in USA and Europe especially in tech industry that's why it has slowed down. But it's cyclical and will again catch up. Nothing to worry about.
It will not catch up - those days of high margin IT services are over
Thank you again Firstpost and palki sharma upadhyay ji for the attitude of your approach hou deliver, this is what we need, on point, unbiased, give us insight to think and question in depth, as your reporting are just in depth, we learn sio much from your reports unlike other indian news media unfortunately (not talking about useless ones but ones who just covers the responses and dont presents Insights to the indian audience).
Indian government and the opposition parties all are always busy in strengthening their parties only instead focusing on the real problem of India that is making it a strong manufacturing hub. So my point is very simple the concept of nationalism was not at all followed by these parties. So how can india develop? If one party works for 5 years, working graph of that party during their rule will be always supporting their supporters only and trying to screw opposition leaders and businesses supporting them. This makes india a worst destination attraction for fdi's. Sustainability is very highly questioned here.
India was always a consumer more than producer.... And population is increasing...
There is a huge difference between talking about stuff and doing stuff. Indians excel in former and East Asians in the latter.
Exactly indians love talking and Planning but south east asians do the actions.
@@DarlyaFaroeste Not South east Asians but East Asians like Chinese, South Koreans and Japanese.
@@TarunKumar-uo5gn Thailand, Malaysia, Indonesia are growing faster than Japan and Korea (about same speed as China)
@@johnsmith-cw3woNah, Japan significantly faster having a gdp growth rate of 6% than these south east asian economies on the 2nd phase of 2023 also China has been slowing down due to economic slowdown.
@@ToshiroQuery do your research... Japan is stagnating for the last 30 years.
We should add more free trade agreements with well developed nations where cost of labor is expensive like europe, canada and middle East and reduce or not make FT with developing nations or manufacturing powerhouses like china, SK, ASEAN, Bangladesh,mexico and other such countries in this way most manufacturing companies will setup their industry in India to not only sell in India but also export to other wealth regions since the labour cost in India is cheap, India should also invest more on human capital we need more skilled labors in emerging future proof sectors like AI, photonics, industrial software, biotechnology etc. Our education system is still sub par compared to other industralized nations
lots of "intellectual" fools with economics degree supported such bad FTA because they have no clue on real world economics and have no real idea on how businesses and countries are run
India has been mislead by foolish economics and palki is correct in presenting data .............but the fact is If you take away IT and ITes exports
india would have been net trade deficit country since independence
including after signing FTA and WTO which does not cover IT and ITes services !
India is better off without these FTAs. Focus on domestic consumption and getting the imports converted to Made in India products. Also fossil oil needs to be replaced by Solar and wind energy faster!
How can you How can India focus on local product when there is little of it in India? These are oil, electronics, electrical, machineries and raw precious stones. You mentioned to stop oil import but you actually gain from it because India refine this oil for local use AND EXPORT THE REST. Same with precious stones which you make to jewelries for export. Your consistent export is rice.
@@ajohal5471 economy/gdp based on domestic consumption in not necessarily a loss if we have advanced industries like semiconductors, EVs, automobiles, etc but unfortunately that's not the case.
There are many sectors we need to work on like these ones along with renewable energy.
India needs labour reforms to make our exports competetive.
@@dartfather Re-exporting a product after processing is still fine. Since that also creates local jobs. But this is not considered towards 'domestic consumption'.
If you classify the items that we consume for our Days to day lives you'll notice most of them 'can be made in India' but are imported instead. We need to curb these kind of imports and produce them locally.
Also in not sure how much we can gain in future by exporting fossil fuel based products. Since most of the developed world is midway in their green energy transition. And they will come up with 'carbon tax' for all fossil fuels related imports. So we better look at alternatives to compensate.
@@myselfyuvi I mentioned re-export but it is just a side issue. The oil you import is still the biggest import for local consumption because every person needs power for home use & transportation. This import will not stop unless you find a cheaper viable alternative.
Bangladesh, Indonesia and Vietnam dumping chinese goods in India branding it as their own
And Thailand and Singapore.
This is what is happening
Gay Modi doesn't understand.
FTAs don’t really increase trades! It only makes trading less difficult. Favourable exchange rates promotes trades volumes!
India has a trade deficits since 2008 , that shows india should self examine .
Thanks a Lot Palki for Lucid Presentation of FTA its Impact Global as well as Indian. Crystal Clear with Facts Figures. ❤
Finance minister should cut taxs
There is no change in labor law and land law. There is no change in manufacturing eco-system build out. But I can see that there are some roads being built but over all infrastructure is about the same. So tell me exactly how the GDP growth is happening? And given the import and export numbers disparity is widening, I will say that the growth number is bogus or "spending future money now" at best.
We should strengthen infra competition in huge production manufacturing pli tax intensive to exports etc etc industrial strengthening with fta negotiation if it hurts temporarily ok longterm gain important
When you decide to stop and ban chinese products then what do u expect.
Import as much from china, and try to export as much to china. As china and india are the largest consumer market in the world. So keeping aside differences try mutual respect and cooperation.
It's not a problem. It's an opportunity for all who are wishing to start exports. Govt should provide training and subsidies so as to smoothen the process of exports. Indians are everywhere so will be demand for indian goods
Naah man just look at the export and import b/w korea u will know how bad it is i do agree its not the case with other countries
Thanks Palki you are doing in media what the opposition should be doing in Parliament it we have a strong govt and a weak opposition.
Unbiased, well analyzed objective reflection to the overall global current ground scenario. 🤔
if you have nothing much others want to buy, how will FTA help you?
Timing is everything. So when the time is right, perhaps it'll be time to revisit free trade ...
our economy may not be affected by global uncertainty, but our exports are
Diamond, gold jewellery. Added value on imported diamonds & gold
As is FTA, so is foreign investment (FI). FI is also not the panacea for the trade deficit.Any Investment is made with an intent to takeaway profits; it is not philanthropy. Products manufactured by home grown industries should get exported. Only then there is some chance to turn deficit into surplus. Further, I do not agree that agriculture exports should be sidelined. There is immense potential for agri exports and they should be encouraged more while encouraging other sectors. Agriculture is our country's backbone with more than 50% population depending on it. Processed products from agriculture have huge scope for exports. Organizing the agri industry and its exports will help in wealth creation in masses.
India is importing more but they’re not making that raw product into valuable product(just use the labour services, eg: manufacturing hub, textile hubs) and marketing
That so true more Industrial and better trade deal for India
India is not competitive in global trade , its time to change government .
India needs labour reforms, to enable competitiveness of it's exports.
Nice information❤
FTA's mostly benefit the side with the trade surplus. India has a trade deficit with most countries therefore, an FTA does more harm than good
Good Point!
Weren’t you always barking that China is not growing!! And India is growing! Now who is crying 🤣🤣🤣
Chinese dropped by 14 percent
@@shobhitdagur1086 india -22%🤣
Depend on how vast ur perspective in negotiation n production
Instead diversification maybe the precise concept is consolidation
India need improvement in agriculture that also require investment
We need higher capacity of irrigation n reservoir system
In this era of resource crisis should be opportunity for india to invite international interest
Offer agriculture investment programme that give it investor dedicated shipment of it product for the fund their invested
N climate issue is occultism doctrine that serve the interest of western capitalist in cost of global economy
Where it better for us to assemble countermeasure
But um
I not sure if that will be generally parallel with our interest
I will consider that for later
Part of the problem is globalisation and the ability of Oligarchs and Equity Groups of one country or another to buy up vast amounts of equity in foreign enterprises.
When British Steel, a backbone of British Industry, was privatised under the Thatcher regime, it ultimately ended up owned by Tata Group. When after 2008 there was a slowdown in world trade and production, this lead to a surplus of world steel production facilities. In order to protect Tata's home industry in India, British steel production was thrown under the bus. To be fair British steel industry had been in decline ever since it was privatised as Management prioritised profits, dividends and management salaries over investment.
I'm sure there are equivalent stories where Indian industries were bought by foreign businesses and sacrificed after a financial Market Crash reduced their physical market. Countries need to concentrate on being self-sufficient instead of fighting over limited export opportunities.
India can do one thing, anything exempted from import tariffs should be traded in Indian rupees.
your extortion won't work
Rubles yes, rupee No way globally
problem is that nobody wants indian rupees - just ask Russia who are stuck with billions of rupees and can't get rid of them.
If the EU imposes carbon taxes on Indian steel imports, then Indian steel mills simply raise the price per metric ton by the tax +10% to cover compliance costs. Since the EU is doing this across the board, and other steel producers are being hit with the same tax, they too will follow India's lead and raise prices. If the EU balks at the high prices, they could always go back to opening and operating steel mills like they used to, only lacking the cheap, nasty oil and gas they banned, this could be a sticky problem. However one looks at this carbon issue, it'd seem the days of cheap, affordable products are fast disappearing as environmental costs bite.
believe it or not, Tata steel Ijmuiden (netherlands) is planning (long term) to replace coal for electricity to produce high quality steel and to meet future emission-reducing demands. Their only survival because evironmental and health groups are sueing them in court. All profits made will be reinvested in the netherlands to make this transition possible.
So much for a promised superpower! Even most of weapons are imported so how India can be a superpower!!
Very few products are truely 100% made in India. Sadly Tata, Birla, Reliance.... they've plenty of money. But they don't focus on self tech improvement. They rather prefer to import tech. Suppose an E bike. It's so simple tech even I can make one for myself. But the 2 main parts....the bldc motors and controller ( I'll use lead acid battery) you've to import from China. Our big industrialists can easily make that in India...But they don't.
My view is to better look at the local market rather than export. Give more facilities to local manufacturers with lesser tax and remove dependability from import. Produce more green energy. In today's world, they need India, rather India needs them.
Blame no one else but yourself. India just do not produce the products that the FTA countries want.
Collab time? Me excited for!
I live in USA and I will abandon thousands of dollars in subsidies to buy a gasoline car because I really do not qualify for those subsidies. You have to make a certain income to qualify and I make more than that threshold. For next 30 years, US EVs are not going to be more than 30% of the market despite subsidies. EVs are only for EU and Asia.
not only india. all countries economic/export are slowing down.
Palki, you were trashing China for narrowly missing it’s GDP target, touting that India was the only country that excelled in the world. You have now made an about face turn and blame global economy for hindering India’s GDP. 😂😂😂
Nope. Please save the cynicism.
She is spot on critical of mistakes they Indians made with FTAs and exports aspects that matter.
Trashing China is different! Sun Tzu lends itself to only scoffing. The economy isn't less dismal either!😊
@@StevenKilner No clue what you are yelping on about. 😂😂😂
Palski is full of excuses😂
@@wionporky9937 yes taxis in mainland unable to run.. Indian origin bee 🐝 jing under severe water logging. Because super power. Let it rot... No harm done.
@@gj8550 she criticized Indian initiatives constructively and you have a problem with that too, right? charade! Or a facade?
I'll help strengthen india's export. Just make a T-Shirt with Palki's face on it reading "Palki Lie, Economy Die" and I'll buy it.
We must use AI to export what to whom. Similarly AI will also tell us import what from whom. We must generate new markets based on innovation.
Its simple the worlds economy is slowing down . Where is the mystery there ?
I thought it was just China's exports slowing down
India will do what it has tried to do and has done. Export its unemployment via FTA with other countries, especially the more developed ones like Australia, Japan, Singapore, Europe and North America. Unfortunately for India, many of those countries now know the trick and will not allow unlimited Indian people to go over for jobs. See the delay even with Indian-Origin UK PM in regard to FTA?
exactly
We aren’t exporting because our products can’t compete in global markets- pick your poison - rigid labor laws, protectionism, poor infrastructure, bureaucracy, unskilled workforce, too much interference to prop up rupee.
Negotiating FTAs is important but delaying FTAs will see countries like Vietnam snap up our export potential. Protectionism by west doesn’t explain Vietnam being able to boost its exports at hyper speed while India is playing catch up.
The world makes for india
I dont know whats the formulation crieteria ..otherwise our our export revenue surprisingly gone up . Supplies of missiles torpedos fighter jets and warships fetched huge revenues to nation and we are at very good state of export business at high yields. Will examine the detas of its authenticity and how valid is qupted percent . Best wishes. Jai Hind. Jai congress.
As long as we are make in India and reduce import then it's fine
Quality.
The world is going through tectonic shifts in geopolitics. Plus there is a global recession, sanctions, wars, export curbs by other countries. It is easy to wax eloquent on any situation, but wouldn't it be fair to give some more time to a Prime Minister who has achieved soooo many landmark successes in his brief 9 years in power battling a defective if not defunct system inherited from the Congress/ UPA govts.
Solve food problem with fertiliser.. .solve trade deficit problem by foreign investment and high value added export....
Easy said than done.....
Its unfortunate that we do not strictvquality controls for our export products.
Price volatility,
Limited production capacity, unlike Chinese.
Production disruptions due to labour and other problems.
Middle East has turned to China as China has improved their product quality.
China has allowed GCC countries to build refineries in China, whole India has not, hence Govt support for Chinese products.
India could be sometimes a nightmare for importers as I experienced inspite of being Indian as I tried to promote Indian products.
I can't remember seeing anything made in India in my entire life.
Maybe India needs to focus on its Strengths to make in India
ESG a key Corp Governance criteria
Toyota and Tata Motors were established about the same time. Who in the world heard about Tata Motors? Why? Because of all preferences given by Indian state. Protectionism never helped anyone. And isn't it a little early to cry that everything is lost?
We want you to make a indepth report on Adani Power export to Bangladesh & Modi's involvement .. 🎉🎉🎉
And It's impact on India's economy 👿 👿 👿
We need to increase out put per person, means compare to other countries we are enjoying more holidays & less output of our production plants, our customs department , licensing policy everything still under officers who are used to work under congress system of making money. We are facing more disadvantages of democracy as we have more traitors within India.
India could take the same policies but they don’t have the money. So it’s not possible for India to reap any benefits out of fta
Someone‘a iPhone buzzed around 2:50 and made it to the video. Very annoying!
Being Indian origin doesn't mean he has to tow indias line.He has to protect his abodes interest.And Indians cheer when they are foreign born who have no ties with India.
you are the best
And here is what you're wrong about, the key word is trust and security of investment in India and if they can rebuild it it's a real competition for china
India is still consumer economi and export economi get benefits of FTAs
Trade deficit is aproblem from 1947. Why we allow luxurious items import. You look at the percentage import of hogh cost mobile.
We need to move to more value added products and move away from agriculture exports which are low value adding items.
Please let make this deal done soon, give Britain what ever they want make appropriate to their demands and their priority, they are the most good country and our true friend is England
Well there goes india's GDP! So much for india's economy, the lone bright spot in the world. 🤣🤣🤣
Off course this is common sense. Rice,wheat,onion,tomato exports banned. ( onion not banned on paper but who will export onion with 40% export tax)
All of for friends and parties members, not for public good only friends interests.
Thailand, Siam, Vietnam, Malaysia, Indonesia and the Philippines are the richest in the ASEAN region.
The trend of the 1990s was FTA. But in 2000 the situation is different. Today these FTA are secretly and clandestinely milking Indians and increasingly joblessness. Wish someone thinks and scraps this deals
We want to know if Russia attended the BRICKS summit
Exports failed? We went from 600 cr to 16000cr of exports in defense alone! The slowing exports seen recently is bcos of the slowdown in Europe and US.
Indian foreign service and its officials are most incompetent they work for other countries interest instead of indias interest if you don't believe me following are examples 1974, India gifted the Kachchateevu Island to Sri Lanka, as Modi pointed out in Parliament recently. But that was not the only case of India's unilateral generosity.
In 1953, India gifted the Kabaw Valley - Manipur’s rice bowl - to Burma (now Myanmar).
Earlier, before Burma gained independence, India failed to assert control over the Coco Islands, which historically were Indian possessions.
In 1954, without any quid pro quo, India surrendered its extraterritorial rights in Tibet, including shutting its military outposts at Yatung and Gyantse in Tibet and handing over Tibet’s postal, telegraph and public telephone services that it had been running to the Chinese occupying forces.
In 1960, India benignly reserved through a treaty four-fifths of the total waters of the six-river Indus system for downriver
The biggest problem of India's is at 2:05.
That tells the whole story.