19 FEB,2024 | MEDC
Growth in merchandise exports in January was at a three-month high of 3.2% year-on-year, despite the ongoing Red Sea crisis, subdued demand in advanced economies, and falling commodity prices. This growth could be, at least partly, attributed to the proactive approach of the government in dealing with the difficult situation. The Red Sea is vital for 30% of global container traffic and 12% of global trade. Around 80% of India’s merchandise trade with Europe passes through it. Thus, attacks on shipping in the Red Sea are a blow to global trade, but India has managed to weather the crisis successfully. In the current geopolitical environment, appeals to uphold universal laws are unlikely to succeed, and so each country may need to individually navigate this uncertain landscape.
Photo Credit: Google
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Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra