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Goyal emphasized the need for collective action and transforming India into a compelling global narrative. He underscored the strain on sectors like gems and jewellery, textiles, and leather goods

India's exports decline amid global demand slowdown: Commerce Minister

Goyal emphasized the need for collective action and transforming India into a compelling global narrative. He underscored the strain on sectors like gems and jewellery, textiles, and leather goods

Commerce Minister Piyush Goyal warned of a further global demand slowdown as pressure mounts on developed economies.
India's exports experienced a significant 22% contraction in June, the biggest decline in three years, amidst dwindling worldwide demand, notably in Western markets such as the US and Europe.
Speaking at an event, Goyal expressed concern over the prevailing economic recession and the strain faced by developed economies, which are burdened with excessive inventory, plummeting commodity prices, and tepid discretionary spending.
India's strength exports such as gems and jewellery, textiles, and leather goods, where India traditionally excels, are currently grappling with challenging circumstances. Given the circumstances, Goyal emphasized the need for collective efforts to establish India as an irresistible force in the global arena. He urged stakeholders to unite and contribute towards making the "India story" the dominant narrative worldwide.
However, the commerce minister also highlighted that India's exports have gone from $500 billion to $776 billion, a 55% increase, in only two years and that the additional exports have added to jobs.
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After surging 5.3% in post-pandemic 2021, growth in the world's richest economies is likely to slow sharply from 2.5% in 2022 to just 0.5% this year



Global economy 'perilously close' to recession: World Bank

World bank on global economy 

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After surging 5.3% in post-pandemic 2021, growth in the world's richest economies is likely to sharpy slow from 2.5% in 2022 to just 0.5% this year&nbsp;
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In what comes as a grim warning of the times to come, the World Bank has said that the global economy is "perilously close to falling into recession". It expects the world economy to grow by just 1.7% this year - a sharp decrease from the 3% it predicted in June last year.&nbsp; The report attributes this decline to a number of factors including the repurcussions of Russia's invasion of Ukraine and the impact of the pandemic. With US, Eurozone and China, all undergoing a period of pronounced weakness, the report also says that the effects of higher interest rates will be a key challenge facing policymakers With a forecast of a 6.6% growth for the next fiscal year, World Bank says that India is expected to be the fastest-growing economy of the seven largest emerging markets and developing economies.&nbsp;

global recession

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