A decade back due to prolonged global recession and Greece bankruptcy the turmoil in Euro nations has affected the Indian export trade very adversely. Almost same situation prevailed in all other nations also.
The European nations all engaged themselves to save the Greece one of the Euro country. Despite all such economic jerks the renowned Economist Prime Minister of India Mr.Manmohan Singh and his Finance Minister Mr.Pranab Mukherjee fortified the Indian economy to minimum impact of that situation.
Our internal economy was able to sustain itself on those adverse global condition. But export is a external factor based in the imports of other countries from India. Due to Greece and Euro crisis our exports declined sharply and we are still feeling the aftermath of it.
But now our experts are picking fast Union Commerce Minister Mr.Suresh Prabhu has taken up the task of increasing the exports and his ministry will soon finalize a comprehensive export strategy that will increase exports by 100 billion dollar in next few years.
States are also being consulted for preparing state specific export potential. In the connection the Exim Bank study of Madhya Pradesh assessed that the state could achieve export of 10 billion dollar by 21-22.
In Madhya Pradesh export registered an annual growth of 1.7 per cent between 2012-13 and 2016-17 to reach 4.4 billion dollars. The export growth of Madhya Pradesh was higher than that India’s overall exports, which recorded decline during the same period.
Mr.Suresh Prabhu on a hopeful note said that the export performances have been encouraging last year. Our merchandize exports crossed 300 billion dollar and registered a growth of 10 per cent. While in 2016-17 it was five per cent.
The total export were at 498.47 billion and were up by 13.5 per cent in 2017-18. This year also there has been a growth in merchandize exports of more than 20 per cent in May and June. The Government has taken initiatives to boost exports.
The comprehensive exports strategy aimed at equalizing trade balance with every country as far as possible. Presently our trade deficit with China is much beyond the comfortable level, we are exporting cotton to China on high side but importing basic drug in large quantity.