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  3. India’s non-oil trade deficit likely to be much lower in current fiscal: Assocham

India’s non-oil trade deficit likely to be much lower in current fiscal: Assocham

23 Sep 2013 Evaluate

As per the Associated Chambers of Commerce and Industry of India (Assocham), Indian non-oil trade deficit in the current financial year is likely to be much lower at $65-72 billion as against the $81.8 billion in 2012-13 on the back of curbs on gold imports. In order to check the country’s gold imports, the government had recently hiked gold import rates to 15% from 10% earlier and central bank also introduced 80/20 rule under which 20% of all gold imports has to be re-exported. Indian gold imports declined to $0.65 billion in August as compared to $2.9 billion in the previous month and a record $8.4 billion in May. 

Indian non-oil imports during August, 2013 were estimated at $21.96 billion, which was 10.4% lower than non-oil imports of $24.50 million in August, 2012. Non-oil imports during April-August, 2013-14 were valued at $128.11 billion, which was 0.3% lower than the level of such imports valued at $128.46 billion in April-August, 2012-13. However, industry body, Assocham said that the oil trade deficit may go up in the current fiscal because of continuing pressure on the crude oil prices in the international markets. Oil imports during April-August, 2013-14 were recorded at $69.68 billion, which was 5.60% higher than the oil imports of $65.98 billion in the corresponding period last year.

In order to boost Indian oil and gas sector, Assocham expressed the need of a holistic energy policy so that a lot of investment in the country will be channeled in the exploration of both crude and natural gas. It further suggested that policies governing oils pricing mechanisms, to be paid to the contractors, should be fixed in a transparent manner. Further, it mentioned that centre and state governments should reduce over-dependence on the oil sector for raising taxation revenue.

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