India exports Current Affairs - 2020

Gold Imports of 2019-20 dip by 8.86% narrowing Current Account Deficit to 143 billion USD

On March 16, 2020, the Commerce Ministry reported that the gold imports for the period April to February (2019-20) has reduced by 8.86% as compared to the previous year.

Highlights

India is the largest importer of gold in the world. As the gold imports of the country have been reduced, the trade deficit has reduced to 143.12 billion USD. It was around 173 billion USD a year ago.

Gold imports of India has been declining since December 2019. On an average India imports 800 to 900 tonnes of gold annually.

What is the issue?

Indian economy has been facing increased current account deficit due to import of gold and fuel.

The Current Account Deficit is the difference between money flowing in on exports and the money flowing out on imports. A country with increasing CAD means that it is becoming uncompetitive. It also means that investors are not willing to invest.

Therefore, reducing gold and oil imports will reduce current account deficit.

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Indian Railways: First Banana Container Train to boost exports; First High Capacity Parcel Van

With its firsts increasing, Indian Railways has recently launched a high capacity parcel van at Delhi Safdarjung Railway Station.

Also, the Indian Railways has launched an exclusive Banana Container train to boost the exports of the fruit.

Highlights: Parcel Van

The new parcel van was designed and manufactured in Kapurthala Rail Coach Factory. It is the first of its kind in Linke Hofmann Busch (LHB) coaches. The LHB coaches are the coaches of the Indian Railways that have been developed by the LHB company of Germany. They are mostly produced in Kapurthala Coach Factory.

The parcel van is to run at high speed of 130 km per hour. The train includes collapsible partitions and sliding doors. Also, it is Head On Generation compliant.

Highlights: Fruit Train

On January 30, 2020, Indian Railways launched the first “Fruit Train”. The train will transit from Anantpur in Andhra Pradesh to Mumbai’s Jawaharlal Nehru Port. The train dispatched the first shipment of 890 tonnes of banana in 43 refrigerated containers.

The APEDA (Agricultural and Processed Food Products Export Development Authority) along with export firms trained 500 farmers to cultivate bananas in more than 1800 hectares of land.

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