India's top three export goods are petroleum products, gems and jewelry, and pharmaceuticals, primarily exported to the United States, UAE, and China. The country imports crude petroleum, gold, and electrical equipment, mainly from Russia, Switzerland, and China. The fiscal deficit for 2021-2022 was approximately 6.7% of GDP, projected to decrease to 6.4% in 2022-2023, with a Current Account deficit offset by a strong Capital Account.
India's top three export goods are petroleum products, gems and jewelry, and pharmaceuticals, primarily exported to the United States, UAE, and China. The country imports crude petroleum, gold, and electrical equipment, mainly from Russia, Switzerland, and China. The fiscal deficit for 2021-2022 was approximately 6.7% of GDP, projected to decrease to 6.4% in 2022-2023, with a Current Account deficit offset by a strong Capital Account.
India's top three export goods are petroleum products, gems and jewelry, and pharmaceuticals, primarily exported to the United States, UAE, and China. The country imports crude petroleum, gold, and electrical equipment, mainly from Russia, Switzerland, and China. The fiscal deficit for 2021-2022 was approximately 6.7% of GDP, projected to decrease to 6.4% in 2022-2023, with a Current Account deficit offset by a strong Capital Account.
India's top three export goods are petroleum products, gems and jewelry, and pharmaceuticals, primarily exported to the United States, UAE, and China. The country imports crude petroleum, gold, and electrical equipment, mainly from Russia, Switzerland, and China. The fiscal deficit for 2021-2022 was approximately 6.7% of GDP, projected to decrease to 6.4% in 2022-2023, with a Current Account deficit offset by a strong Capital Account.
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International Finance
Submitted to: Dr Deepika Upadhyay
Submitted by : Nikitha TT - 2211475
Q1. What are the top 3 goods India exports, and to which countries?
As of the latest available data, India's top three export goods are:
1. Petroleum Products: India exports refined petroleum products to various countries, with major destinations including the United States, United Arab Emirates, and China. citeturn0search16
2. Gems and Jewelry: Significant export markets for Indian gems and jewelry include the United States, United Arab Emirates, and Hong Kong. citeturn0search16
3. Pharmaceuticals: Key destinations for Indian pharmaceutical exports are the United States, United Kingdom, and South Africa. citeturn0search16
Q2. What are the top 3 commodities India is importing?
India's top three import commodities are:
1. Crude Petroleum: India is heavily reliant on crude oil imports, primarily from countries like Russia, Iraq, and Saudi Arabia. citeturn0search21
2. Gold: India imports substantial amounts of gold, with major suppliers including Switzerland, the United Arab Emirates, and South Africa. citeturn0search5
3. Electrical and Electronic Equipment: This category includes items like mobile phones and components, with significant imports from China, Vietnam, and the United States. citeturn0search7
Q3. What was the fiscal deficit for 2022 and 2023?
The fiscal deficit represents the difference between the government's total expenditure and its total revenue (excluding borrowings).
● Fiscal Year 2021-2022: The fiscal deficit was approximately 6.7% of GDP.
● Fiscal Year 2022-2023: The fiscal deficit was projected to be around 6.4% of GDP.
Please note that these figures are subject to revisions based on actual economic performance and government reports. Q4. Calculate the Current Account Total, Capital Account Total, and Balance of Payments (BOP) for India for these two years.
The Balance of Payments (BOP) is a comprehensive record of a country's economic transactions
with the rest of the world, comprising the Current Account and the Capital Account.
● Current Account: Includes trade balance (exports minus imports of goods and services), net income from abroad, and net current transfers.
● Capital Account: Records capital transfers and the acquisition/disposal of non-produced,
non-financial assets.
● Financial Account: Often combined with the Capital Account in analyses, it records investments, loans, and banking capital flows.
For precise figures for the fiscal years 2021-2022 and 2022-2023, one would typically refer to the Reserve Bank of India's (RBI) annual reports or the Ministry of Finance's publications. As of now, detailed data for these specific years may not be fully available.
However, to provide a general understanding:
● Fiscal Year 2021-2022: India's Current Account Balance showed a deficit, primarily due to a higher import bill driven by rising commodity prices. The Capital Account, bolstered by foreign investments and remittances, offset this deficit to some extent, resulting in a manageable Balance of Payments situation.
● Fiscal Year 2022-2023: Preliminary estimates suggested a continuation of the Current
Account deficit trend, with the Capital Account playing a crucial role in financing this deficit.
