NITI Aayog Launches Quarterly Trade Watch: Insights into India’s Trade Dynamics for Q1 FY 2024

Vice Chairperson Suman Bery emphasized the importance of the "Trade Watch" publication in fostering informed decision-making and shaping sustainable trade policies.

On December 4, 2024, in New Delhi, Vice Chairperson of NITI Aayog, Suman Bery, unveiled the organization’s latest publication, "Trade Watch," which provides an in-depth analysis of India’s trade statistics for the first quarter of FY 2024 (April–June). The event was graced by esteemed Members of NITI Aayog, Dr. V.K. Saraswat and Dr. Arvind Virmani, along with CEO BVR Subrahmanyam and other senior officials. This publication marks the launch of a quarterly series dedicated to delivering timely insights into India’s trade landscape.

India's trade performance during the first quarter of FY 2024 showed stability and moderate growth, with total trade valued at $576 billion, reflecting a 5.45% year-on-year increase.

Merchandise Exports: Exhibited subdued growth due to a downturn in critical sectors like iron and steel and natural and cultured pearls.

Imports: Driven by high-value commodities, including aircraft and spacecraft, mineral fuels, and vegetable oils.

Services Exports: Maintained a surplus, showcasing resilience in India’s service sector amidst global uncertainties.

Strategic Insights for Policy and Growth

Vice Chairperson Suman Bery emphasized the importance of the "Trade Watch" publication in fostering informed decision-making and shaping sustainable trade policies. He highlighted the utility of the findings in identifying high-potential markets and sectors where India can gain a stronger competitive edge, aligning with the nation’s long-term goals of economic growth and global trade leadership.

Dr. Arvind Virmani, Member of NITI Aayog, commended the team for the comprehensive analysis and underscored the significance of this publication in navigating India’s evolving trade landscape.

BVR Subrahmanyam, CEO of NITI Aayog, stressed the need for data-driven approaches and evidence-based policymaking to enhance India’s trade competitiveness. He remarked, “This publication is an essential tool for ensuring India capitalizes on its trade potential, supporting the vision of Viksit Bharat (India@2047).”

Broader Vision and Future Goals

The Trade Watch initiative aligns with India’s commitment to bolstering trade resilience in an ever-changing global economic environment. By offering quarterly insights, it aims to provide a robust foundation for:

Strengthening India's trade policies.

Enhancing competitiveness in global markets.

Supporting sustainable economic growth in line with the goals of Viksit Bharat.

The quarterly series is designed to address both macroeconomic trends and sector-specific dynamics, providing policymakers and stakeholders with actionable intelligence.

The launch of the first publication sets the tone for continuous analysis, ensuring that India remains agile and competitive in the global trade arena.

The publication underscores India's dedication to building an inclusive and sustainable trade ecosystem, cementing its position as a global economic powerhouse.