August15, 2017 (C) Ravinder Singh email@example.com
TOI reporting Cumulative Imports of 28.3% – I was stunned. Further study revealed even more disappointing story. ‘Cumulative export during April-July of 2017-18 rose by 8.9% to $94.8 billion while import increased by 28.3% to $146.3 billion, leaving a trade deficit of $51.5 billion.’
When Aam Admi is Getting Crushed – Imports increased 28.3% – Oil Imports by 20.87% and Non Oil Imports by 30.46% – Trade Deficit Widening to $51.5b in April-July2017 period.
Non Petroleum & Non Gems & Jewelry exports Growth was $0.854b only July17 to July16 (Negative in Rupee Term).
Such a Surge in Imports of Luxury Items Points to Rich becoming Richer and Poor becoming poorer.
Oil imports during April-July, 2017-18 were valued at US$ 31022.43 million which was 20.87 per cent higher than the oil imports of US$ 25666.96 million in the corresponding period last year. Non-oil imports during April-July 2017-18 were valued at US$ 115234.28 million which was 30.46 per cent higher than the level of such imports valued at US$ 88329.79 million in April-July, 2016-17.
20.87% Surge in Oil Imports Reflects Greater Consumption by Transport, Aviation & Domestic sectors.
Ravinder Singh, Inventor & Consultant, INNOVATIVE TECHNOLOGIES AND PROJECTS
Y-77, Hauz Khas, ND -110016, India. Ph: 091- 9871056471, 9718280435, 9650421857