India’s Imports and Exports

Imports

India's economy rebounded strongly in 2014 but as government-owned banks faced mounting bad debt and cash shortages, growth was restrained in 2016.

A decline in oil prices around the world has, among other factors, contributed to a remarkable reduction in India’s current account deficit between 2013 and 2016. Nonetheless, with the Reserve Bank of India taking steps towards restoring balance of payments stability and reducing currency volatility, growth in 2018 and 2019 has been strong.

Due to the COVID-19 pandemic, India had -10.3% growth in 2020. Economic optimism around increasing exports and renewed growth in industrial production has positively impacted the IMF's prediction for India's GDP growth in 2021, which at 8 per cent.  

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