The Governor of the Reserve Bank of India Mr Shashikanta Dass has warned the Global Economy was moving in uncertain direction. The solution to its problem was being difficult. In the new unstable phase in the global trade and politics the atmosphere has become tense. In the coming year the economic and financial world institutions like the IMF (International Monetary Fund) and the World Bank would be on testing ground. In may nation the level of foreign debt very high. If financial and economic crisis come such nation are bound to face bankruptcy like situation as few years back Greece was an the verge of financial collapse.
It could repay the loan taken from IMF and World Bank. The European Union nations formed consortium to salvage the Greece from economic disaster. The IMF and world gave more time to Greece to repay the loans by extending the time limit and rewriting the loans. Presently the Pakistan is in grave financial mess on assuming the office of Prime Minister Mr Imran Khan in his first address to nation in telecast informed that half of the Pakistan budget was going in repayment of interest on foreign loan, while the principle amount remained as it was.
Although he assured that he world not take further loans from any other country or IMF and world bank. It proved to be just his euphoria and nothing else. The ground realities compelled him to float loan from Saudi Arabia and IMF and World Bank. But in the ongoing trade war between the America and China the export from India to these two nations has gone up. What it were importing from each other non importing from Indian. It is giving economic goods to India economy and increase on foreign exchange reserve.
In 177 items the Indian export to America has give up beyond 25 per cent is. The items are fish, onion, wheat, vinegar. In electronic rods like mobile phone and its part, auto parts, ceramic good the increase in export is 20 per cent. The Indian export to America 2014-15 was of 5 per cent amounting to 4787.8 crores US dollar. Now in 2018-19 it rose to 9 per cent amounting to 5240.7 crores US dollar.
The China what it was importing from America is now importing the same from India. The export trade of India with other country are also going up. The India is now fast picking up export revenue in the national economy. It is a time when we must ponder over our export trade. At one time after the Independence we were importing wheat, rice. Now we are exporting even wheat to America. We are vast land mass nation with sea on its three side.
We can produce so much fish and other marine product that we can export of many nations in the world. We are exporting onion also. It is bumper crop in Madhya Pradesh. Here the Government is purchasing as release price to farmer and throwing on getting rot by spending crores of rupees.