exports | Business Upturn

Satellite images show 10 Iranian oil tankers anchored near Chabahar after U.S. maritime blockade

Rashmi Pandey — Tue, 28 Apr 2026 16:36:34 +0000

Tanker trackers said Tuesday’s satellite images showed 10 oil tankers belonging to the National Iranian Tanker Company anchored outside a port near Chabahar, suggesting that Iran’s crude shipment routes may be changing after the U.S. maritime blockade.

The tankers were identified offshore in waters near the southeastern Iranian port, according to the tracker-based assessment. The observation comes as shipping patterns for Iranian crude have come under close scrutiny and traders monitor how export flows are being redirected under pressure from maritime restrictions .

The reported concentration of vessels near Chabahar may indicate that Iran is adjusting the movement of crude cargoes departing the country. Analysts and shipping watchers have been closely following tanker activity in the region as exporters seek alternative loading and departure patterns amid tighter enforcement at sea.

Chabahar, located on Iran’s southeastern coast, has strategic importance because of its access to shipping lanes and its proximity to the Arabian Sea. Any shift in tanker movement from Iran’s usual routes can affect how crude reaches international buyers and how quickly cargoes can move through the region.

The development also highlights the growing role of satellite monitoring in tracking global oil flows. With maritime surveillance becoming more sophisticated, vessel movement around Iranian ports is increasingly being used to assess whether exporters are rerouting shipments in response to external pressure.

No official statement from Tehran was included in the tanker-tracker observation cited in the report. The satellite-based identification, however, points to a possible change in crude export logistics at a time when Iran’s energy trade remains under intense international attention

SWITCH Mobility completes 100-bus export to Mauritius, largest from India

Riddhima Jain — Mon, 13 Apr 2026 12:19:23 +0000

SWITCH Mobility is expanding its global footprint with the completion of a 100-unit electric bus delivery to Mauritius, positioning itself in international public transport markets.

The export, executed under a CESL-led tender, is part of a government-backed initiative aimed at supporting sustainable transport infrastructure in Mauritius. The buses will be operated by the country’s state-owned National Transport Corporation.

The deployment aligns with SWITCH Mobility’s strategy of manufacturing in India for global markets, as demand for electric public transport solutions rises.

“The completion of this 100-bus delivery marks an important milestone in strengthening the country’s transition to electric mobility, with tangible benefits for urban efficiency, environmental sustainability, and everyday commuter experience,” said Ganesh Mani, CEO – Switch

The buses integrate telematics systems and battery configurations designed for operational efficiency and stability in urban environments.

Amazon Global Selling powers $20bn in Indian exports! Aims to quadruple exports to $80bn by 2030.

Riddhima Jain — Tue, 28 Oct 2025 12:24:24 +0000

Amazon has announced that it has crossed $20 billion in cumulative e-commerce exports from India, achieving its 2025 target ahead of schedule through its Amazon Global Selling program. The company has now set a new ambitious goal to reach $80 billion in exports by 2030.

Launched in 2015, Amazon Global Selling has helped over two lakh (200,000) Indian entrepreneurs and small businesses reach customers in more than 18 international marketplaces, including the US, UK, UAE, Germany and Canada. The total exporter base has grown by 33 per cent in the past year, the company said.

Among the top exporting states are Delhi, Rajasthan, Gujarat, Uttar Pradesh, Tamil Nadu, Maharashtra and Haryana, with Maharashtra accounting for over 22,000 exporters. Sellers from the state are seeing strong demand for home, toys, health and personal care, kitchen, and office products across major global markets. Pune, Mumbai and Thane also feature among Amazon’s top 50 exporting cities.

Srinidhi Kalvapudi, Head of Amazon Global Selling India, said, “Since 2015, Amazon has enabled $20 billion in cumulative e-commerce exports from India, achieving this milestone ahead of the 2025 target. This momentum reflects the ambition of Indian businesses and the growing role of e-commerce exports in global trade. We aim to simplify global selling via leveraging tech and creating a favourable ecosystem.”

Sarvesh Agarwal, Founder of HomeMonde, one of Amazon’s exporting partners, added, “With Amazon Global Selling, we’ve not just been able to sell globally, but also been able to study market trends, reach eco-conscious buyers, and manage our logistics seamlessly. Every rug we sell tells a story — of skill, sustainability, and India’s rich craft heritage.”

With a rising number of Indian businesses turning to global markets, due to increased global demand, a competitive local manufacturing and sourcing base, and stronger digital infrastructure. And as e-commerce opens new global avenues, Amazon Global Selling will keep focusing on enabling Indian businesses to tap into global demand and contribute to India’s export ambitions and fuel the ‘Make in India’ story.

Indian government extends onion export ban amid supply concerns and inflationary pressures

Matrika Shukla — Tue, 20 Feb 2024 10:38:37 +0000

The Indian government has prolonged the prohibition on onion exports until the culmination of the fiscal year. This extension, announced by Consumer Affairs Secretary Rohit Kumar Singh to PTI on Tuesday, signifies the Centre’s resolve to maintain adequate supply levels and curb inflationary pressures in the market.

The recent move by the Centre echoes its stance from late 2023. On December 8, 2023, a notification from the Directorate General of Foreign Trade amended the export policy of onions from free to prohibited until March 31, 2024.

In October 2023, the Centre had opted to increase the sale of buffer onion stock at a subsidized rate of Rs 25 per kg in retail markets to alleviate consumer burden. Additionally, in August 2023, India had initially imposed a ban on onion exports until December 31, 2023.

Following reports of the Centre’s potential decision to lift the export ban on onions, wholesale onion prices surged by 40.62 per cent to Rs 1,800 per quintal on February 19 in Lasalgaon, the nation’s largest wholesale onion market, compared to Rs 1,280 per quintal on February 17.

Given the upcoming general elections in the next couple of months, it’s improbable that the ban will be lifted even after March 31. Sources indicate that rabi (winter) onion production is anticipated to be lower due to reduced area coverage, particularly in Maharashtra.

The Indian government’s decision to extend the prohibition on onion exports until the end of the fiscal year underscores its commitment to stabilizing supply levels and mitigating inflationary pressures in the market. This continuation of the ban aligns with the Centre’s previous actions and reflects the ongoing challenges faced in the agricultural sector, especially with regards to onion production. With the looming general elections and anticipated lower rabi onion production, the likelihood of lifting the export ban remains slim.

India’s merchandise exports crash 12.69% in April

United News of India (UNI) — Mon, 15 May 2023 12:40:04 +0000

New Delhi, May 15: Amid slowdown in major advanced economies, India merchandise exports slumped 12.69% year-on-year to US$ 34.66 billion in April, 2023.
India’s merchandise exports in April 2022 were valued at US$ 39.70 billion.

The data released by Commerce and Industry Ministry released on Monday showed India’s imports during April 2023 were US$ 49.90.

The trade deficit in April 2023 stood at US$ 15.24 billion.

India aims to generate exports worth $2 Trillion in next few years: Minister Piyush Goyal

United News of India (UNI) — Mon, 24 Apr 2023 13:33:33 +0000

Mumbai, Apr 24: Commerce & Industry Minister Piyush Goyal said that India has set an ambitious target of USD two trillion dollars in exports in next few years.

Speaking at 49th edition of the India Gem & Jewellery Awards (IGJA) here on Sunday, he said, “Our exporters have achieved a remarkable feat by generating USD 770 billion in exports during the most challenging times. This accomplishment is a testament to the hard work and resilience of all the stakeholders involved.”

“We are setting our sights on the ambitious target of reaching USD two trillion in exports within the next few years,” he noted.
“The gem and jewellery industry should leverage its rich heritage of design and craftsmanship to propel itself to new heights in the global market,” added Goyal.

Frank Geerkens, Consul General of Belgium in Mumbai, was the special guest of honour.

Also present on the occasion was Vipul Shah, chairman, GJPEC, a release stated here on Monday.

(Except for the headline, this story has not been edited by Business Upturn staff and is published from a syndicated feed.)

Home Textiles exports to drop 16-18% in FY23

News Desk — Thu, 09 Feb 2023 08:38:08 +0000

The sector that saw hype in the FY 21 and FY 22 is expected to record a fall of 16-18% in this FY 23. This will be accompanied by a slowed demand in European and the U.S. regions.

According to a report by Care Edge Ratings, the costs of materials and well of logistics have been predicted to rise which may further affect the trade.

After hitting the peak in Q2 FY22, exports started plateauing with a sharp surge in commodity inflation and a global recessionary trend disrupting growth. As per the report, FY22 witnessed exports of USD 44.4 billion (PY: USD 31.5 billion), helped by the pandemic-induced demand and the China+1 strategy of importing nations.

Currently, the European and American markets constitute approximately 68-70% of home textiles imports and a recession there will directly impact the Indian statistics too. Coupled with weak consumer sentiments, product demand, and lower capacity utilization, exports are bound to decline in turnover by 10%-12% in FY23 and margin contraction by 400-500 bps.

“CareEdge expects a 16-18% degrowth in home textile export in FY23, impacted by the recessionary trend in Europe, and cut down on non-essential expenses in the US amid high inflation. While the depreciating rupee against the dollar and China+1 policy across the globe restricts turnover fall for Indian home textile players, margins would contract by 400-500 bps due to lower operating leverage is given lower capacity utilization. Demand momentum should witness gradual recovery from Q1FY24 as freight and cotton costs show moderation and inventory exhausts with retailers”, said Arti Roy, Associate Director.

Exports were flat at $31.99 billion, while the trade deficit at $23.89 billion in November

Aryan Jakhar — Thu, 15 Dec 2022 20:57:59 +0000

According to figures issued by the Ministry of Commerce & Industry on Thursday, India’s exports of goods increased by a flat $31.99 billion in November compared to $31.8 billion in the same month last year, while the country’s merchandise trade deficit decreased to $23.89 billion from $26.91 billion.

In contrast, imports increased to $55.88 billion in November from $53 billion in the corresponding month previous year.

According to the government, a slowdown in global demand and lower consumer spending power caused by rising inflation in developed nations worldwide led to a decline in textile exports from India.

Due to concerns of a recession in the two biggest markets, the US and Europe, plastics exports will also confront difficult circumstances in 2022.

Plastic raw material exports have decreased as polymer companies choose to sell in the local market since price realisations in India are now higher than in the export market.

According to the government, there is a decrease in poultry export owing to bird flu, which has resulted in lower demand from key importing countries.

In October of this year, the country’s exports fell by 16.65% to $29.78 billion. Exports totaled $295.26 billion from April through November of this year, compared to $265.77 billion in the same month last year.

During the first eight months of current fiscal year, imports totaled $493.61 billion. According to the data, it was $381.17 billion from April to November 2021.

Philippines shows interest in LCA Tejas and ALH Helicopters amid South China Sea conflict

Pranay Maniar — Tue, 19 Jul 2022 13:14:15 +0000

As the tensions in the South China Sea brew with China, the Philippines has made an active attempt in modernizing its armed forces to counter threats despite having a defence treaty signed with the US.

Earlier this year, India and the Philippines signed a $375 million contract to purchase three batteries of the Brahmos supersonic cruise missile system. For an anti-ship and coastal defence role. This deal became India’s largest export deal.

The Philippines has shown interest in purchasing Advanced Light Helicopters and LCA Tejas to bolster their armed forces. The ALH is a cost-effective and capable option for the Filipino Armed forces. As it is best suited for marine reconnaissance and surveillance. As well as it has a long-range electro-optical sensor and a radar. Further, it can carry two torpedoes for anti-submarine warfare. The ALH is used by the Indian Navy and the Coast Guard for the same missions.

Philippines wants Make in India

The Filipino Airforce has expressed interest in procuring the LCA Tejas for roles like area defence and interception. Earlier reports suggested that Filipino Airforce had dropped LCA Tejas and were looking for western alternatives like the American F-16 or the Swedish Saab Gripen.

However, the Island’s airforce rejected these claims and continued to express interest in the LCA. Moreover, Tejas proves as a perfect aircraft for the Island Nation’s airforce as it is a small, compact and cost-effective system that has multirole capabilities.

Going through a cash crunch, the Philippines may not be able to procure Tejas’ western alternatives. Thus the LCA Tejas turns out to be the most suitable option. Along with this, Tejas will be used for roles like interception or area defence, unlike the F-16 or Gripen. Which are used for more complex roles like air superiority, electronic warfare or escorting.

India’s exports sector grew by $9.32 billion in the first week of April

Sathvika Chelakani — Fri, 08 Apr 2022 14:11:38 +0000

In the first week of April, the value of exports increased by 37.57 percent to $9.32 billion, compared to $6.78 billion in the same period last year. Exports increased by 295.81 percent in the first week of April this year, to $1.71 billion, compared to $1.71 billion in 2019-20.

The COVID-19 pandemic outbreak, which resulted in a strict lockdown for nearly three months and halted many business activities, impacted exports during the first week of April in 2020. According to ANI, the government announced in the first week of April that exports excluding petroleum increased by 24.32 percent over the same period last year.

Meanwhile, imports increased by 8.29 percent to $10.54 billion in the first week of April, compared to $9.73 billion in the same period last year. Furthermore, imports increased by 275.53 percent from $2.81 billion in the same period of 2019-20. Imports excluding petroleum increased by 16.01 percent in the most recent week compared to the same period in 2020-21.

Stock Market update: Sugar stocks Balrampur Chini, Triveni, Dalmia rally as ISMA reports an increase of 17 lakh tonnes in exports

Malvika Choudhary — Tue, 18 Jan 2022 08:51:02 +0000

Sugar stocks of major sugar mills company stocks rallied after ISMA reported an upsurge of 17 lakh tonnes in exports.

Likewise, Balrampur Chini Mills Ltd shares were up by 2.36 per cent at Rs 453.50 apiece (+10.45), Dalmia Bharat Sugar and industries ltd jumped to 0.51 per cent at Rs 482.75 apiece (+2.45), and simultaneously Triveni engineering and industries Ltd stocks stood at 1.02 per cent at Rs 262.15 (+2.65) apiece today in Tuesday trade at 1.52 pm IST on National Stock Exchange.

During October-December, India’s sugar exports advanced 4 times to 17 lakh tonnes. This jump has been documented due to the increase in demand from abroad.

Sugar industry organization ISMA stated that during the period October-December, the country’s sugar exports nearly quadrupled to 17 lakh tonnes. Until now, 38-40 lakh tonnes have been acquired for export by sugar mills. Mills are currently waiting for a modification in global prices for further agreements. The marketing year for sugar runs from October to September. ISMA said in a statement, “As per the market reports and port information, about 17 lakh tonnes of sugar has been exported during the period October to December 2021.” Tons of sugar was exported.

The Sugar Mills Association of India (ISMA) said that the country has produced 151.41 lakh tonnes of sugar between October 1, 2021, and January 15, 2022, in the existing marketing year 2021-22, as against 142.78 in the same period of the previous marketing year. Millions of tons of sugar were produced.

India’s export witnesses 43% rise in October, jumping to $35.65 billion

Ayisha Farah — Mon, 15 Nov 2021 14:05:41 +0000

Giving credit to solid global orders, India’s merchandise exports increased 43 percent in October 2021 in comparison to the same period the past year. Impressively, exports also grew by almost 40 per cent compared to October 2019, before the onset of the COVID-19 pandemic.

The Commerce and Industry Ministry published on November 15 presented an outbound trade increase to $35.65 billion in October, jumping from $24.92 billion in October 2020. Exports have increased by over 55 per cent in the April-October period of FY22 (2021-22) in comparison to 2020. Compared to 2019, exports have jumped to 26 percent over the same period, the Ministry said.

After a questionable FY21 (2020-21), exports started rising in December. In February, prior to the low base effect generating, growth was a marginal 0.67 percent. Since then, calculated annually (Y-o-Y), exports have witnessed a notable increase because of the low base effect that has faded off, officials say.

In October, imports witnessed an evenly notable increase, jumping to a huge 62.5 percent to $55 billion. This was an ongoing course from the prior month when import growth was above 84 percent. It had been gradually decreasing previously. Specialists state this bodes great for the economy, implying the return of industrial and consumer demand.

Related to exports, as the low base fades off, the hikes in import growth have declined. Imports had increased at 51.5 percent in August, 62.9 percent in July, 98.3 per cent in June, 73.6 percent in May, and 163 percent in April.

India’s mobile phone exports grew 250% in June quarter: ICEA

Shivya Kumar — Wed, 25 Aug 2021 07:15:11 +0000

In the April -June sector the mobile phone exports from India gained a rise of 250% as per the reports by India Cellular and Electronics Association. Over the last year, the company saw a decrease in mobile phone imports of 600 crores in the year 2021-2022.

“This is an all-time low since 2014-15,” said Pankaj Mohindroo, chairman of the ICEA.

Which included companies like Apple, Foxconn and various other companies. During the first time bound with its net profit rising to 4600 crore, which is 3 times more of 1300 crore from last year.

“Despite the second wave of COVID-19 pandemic, the prudent policy of the Government of India (GoI) to continue manufacturing and backed by the PLI scheme, the industry has made significant progress in manufacturing and exports,” Mohindroo said. “Electronic goods export has also shown a tremendous rise of 100% (YOY) in Q1 2021-22 crossing the mark of INR 20,000 Crore.”

Expansion in portable fares is a critical objective for the public authority’s PLI conspire, which plans to assemble scale in Indian hardware production. A plan to draw in semiconductor and show producers is likewise expected soon, with organizations like the Tata Group intending to enter the space.

Then again, imports filled in the workstations and tablet class, showing a critical expansion in the primary quarter. The area saw ₹6000 crores worth of imports in 2020-21, which developed to ₹10,000 crores in 2021-22. The public authority had additionally declared a PLI conspire for IT equipment recently, the beneficiaries of which were endorsed in July this year. The plan offers 2-4% money motivations on net gradual deals over the base year of FY20.

Government of India restricts export of RAT COVID-19 testing kits

Shivya Kumar — Mon, 16 Aug 2021 15:20:13 +0000

On 16 August, the government of India has restricted the exports of RAT COVID-19 testing kits, in the newly amended export policy.

It is said to have address number 18/2015-2020 dated August 16, as stated by the Directorate General of Foreign Trade. Putting a stop at the testing kit, with immediate action to the cause.

The government notification read: “The export of COVID-19 Rapid Antigen testing kits falling under the ITC (HS) codes – Ex 3822 and Ex 3002 – or falling under any other HS Code has been put under the restricted category, with immediate effect.”

Until now the testing kit was being exported for free.

India exports GI certified Fazil mango variety from West Bengal to Bahrain

Diya S. — Sat, 10 Jul 2021 13:48:11 +0000

On Saturday, the Ministry of Commerce announced that a consignment of Geographical Indication (GI) certified Fazil mangoes, which are sourced from West Bengal’s Malda district has been exported to Bahrain.

The GI tag is a sign used for an agricultural, natural, or a manufactured product like handicraft and industrial goods originating from a specific geographical location and is issued on the basis of per the Geographical Indications of Goods (Registration and Protection) Act, 1999.

Additionally, the tag helps growers receive a premium price for their products as well as preventing other producers from unauthorized uses of a registered GI. It conveys an assurance of quality and distinctiveness, which is mainly attributable to the place of its origin.

Darjeeling Tea (West Bengal), Nagpur Orange (Maharashtra), Solapur Chaddar (Maharashtra), Mysore Silk (Karnataka), Aranmulla Kanna (Kerala) among others are some of the registered GI tags in the country.

Reportedly, in June 2021, a week-long Indian mango promotion program was conducted in the Middle Eastern country of Bahrain where 16 mango varieties including three GI certified Khirsapatin and Lakshmanbhog of West Bengal and Bihar’s Zardalu were presented.

The Ministry stated separately that for the promotion of agricultural crops while adhering to global practices, the Agricultural and Processed Food Products Export Development Authority (APEDA) in collaboration with Farmer Producer Organizations (FPOs), traders, exporters, agricultural scientists alongside the government of Uttar Pradesh and other institutions had held a meeting in Varanasi.

Amazon India launches startup accelerator programme, AGSP

Sarthak Yadav — Tue, 19 Jan 2021 10:30:34 +0000

Today, Amazon India launched a programme to accelerate upcoming consumer products startups and help them reach around the world. The initiative is titled Amazon Global Selling Propel (AGSP) which is designed to provide dedicated support to emerging Indian brands and startups.

Amazon has tied up with the Invest India Initiative which is a government-led programme. The first batch of the six-month-long accelerator programme will have close to 10 startups, who will be offered mentorship sessions from the Indian startup community, Amazon said.

Amazon will also host open virtual mentorship sessions focused on peer learning by inviting veteran entrepreneurs and members from its mentorship board for startups, to network and learn from their existing ecosystem.

Amazon India has also declared to provide an equity-free grant of $50,000 to each of these startups and has tied up with venture capital firms Sequoia Capital India and Fireside Ventures, who will make follow on investment in selected businesses.

Abhijit Kamra, director, global trade at Amazon India, said, “Over the last couple of years, across the length and breadth of categories we have seen successful sellers emerge for India…From Amazon’s perspective, we thought of creating a programme to accelerate the phenomena in the country.”

He further added that Amazon India is targeting startups that are between seed and pre-series A stage, with an export-oriented mindset.

“The adoption of technology and digital transformation has paved the way for India to be at the forefront of innovation, giving rise to some of the best startups in the world. There are many promising, emerging brands that have the capability to become big and go globals,” said Deepak Bagla, managing director and chief executive of Invest India.

Amit Agarwal, global senior vice president and country head, Amazon India, said that “…partnership with Startup India to launch this accelerator program will provide emerging brands with an opportunity to bring their business propositions to life and help create globally popular brands from India. With Amazon Global Selling, we will continue to make exports simple and accessible to businesses of all sizes and fulfil our commitment of enabling $10 billion in e-commerce exports from India by 2025.”

Last year when CEO Jeff Bezos visited India he promised that the company will help export goods worth $10 billion from the country by 2025.

Man Industries secures Rs 250 crore order

Arnav Dogra — Tue, 19 Jan 2021 05:28:38 +0000

Man Industries, a top-tier manufacturer and exporter of large diameter carbon steel line pipes, on Tuesday, revealed that it had secured new orders worth roughly Rs 250 crores.

In a regulatory filing, Man Industries stated that the newly received order will be executed in the coming 5 month time period, while actively missing out on the technicalities of the received order.

The company’s share price responded to this news as its NSE-listed stock reached a day-high of 2.54%

The large diameter carbon steel pipes are used for several high-pressure transmission applications for fluid substances like potable water, gas, crude oil, and other petrochemical products.

Nissan to hire 1000 new workers at Chennai plant, double production to meet demand and start exports

Sarthak Yadav — Mon, 04 Jan 2021 12:34:33 +0000

Nissan Motor Co the leading Japanese automakers are all set to raise production at its car plant in India to meet demand and also to export its Magnite sports utility vehicle (SUV) , as told to Reuters by a senior executive.

As reported by Reuters, Rakesh Srivastava, managing director at Nissan Motor India said, Nissan will hire 1,000 more workers at its plant in the southern Indian city of Chennai and boost production to up to 4,000 cars a month from 2,700 cars currently.

Nissan also plans to export the compact SUV to Indonesia and South Africa but meeting demand in the Indian market will be a priority, Rakesh Srivastava added.

Nissan’s sales have slumped 60% over the past five years and its sole plant in the country is operating way below its capacity.

Globally, the Japanese automaker is pursuing a turnaround drive that involves cutting its vehicle line-up and production and slashing costs in an effort to plug losses and reverse rapid expansion led by its ousted Chairman Carlos Ghosn.

India’s Steel Strips Wheels bags export order for US and EU, share price surges

Shlok Arya — Tue, 24 Nov 2020 06:57:16 +0000

India headquartered Steel Strips Wheels Limited bags export orders of nearly 62,000 wheels for the US and EU markets. The execution of the order will be beginning in January and February from the company’s Chennai Plant. The firm is anticipating similar order capacity from the same customer base due to the speed business picked in the pandemic.

The announcement was made on 24 November 2020 during market hours.

SSWL is engaged in the manufacturing of steel wheel rims catering to different segments of the automobile industry. The firm operates in the automotive wheels segment and its geographical segments include Indian and Overseas.

The company’s standalone net profit jumped 82.3% to Rs 14.02 crore on an 11.8% rise in net sales to Rs. 404.74 crore in the second quarter of 2020 over 2019.

Earlier, the company got an order worth USD 455,000 for about 42,000 wheels for the US and EU trailer market. In a regulatory filing, Steel Strips Wheel Ltd said it has received export orders worth over USD 455,000 from the US and European Union (EU) trailer market to be executed in September and October from its Chennai plant

Today, the share price of SSWL on National Stock Exchange rallied by 2.62%.

Falling exports and surge in inflation place India behind it’s peers

Sarthak Yadav — Wed, 18 Nov 2020 09:26:25 +0000

India fell to the eighth position in the emerging market league tables in October, marking its worst performance since June.

Since June, India was at the bottom but improvements in factory production and buoyancy in the financial markets elevated India’s rank in the league tables. In September, India ranked fourth among the 10 emerging markets covered in the tracker. But it reversed in October according to the latest available data because some countries reported improvements in their Gross Domestic Product (GDP) growth during the September quarter. India, which has not yet reported GDP numbers for the September quarter, stands at the bottom of the heap on this front because of a sharp GDP contraction of – 24% in the Jun-ended quarter.

The Reserve Bank of India expects the contraction in India’s GDP to slow to – 8.6% in the September-ended quarter. It will be a sharp contraction compared to the September quarter GDP growth of other Asian counterparts such as China (4.9%), Indonesia (-3.5%) and Malaysia (-2.7%).

Because of a sharp decline in merchandise exports and a surge in inflation India’s relative economic position declined. In Turkey, where inflation is at double-digits, India has the highest inflation among emerging markets peers. The gap between India and the emerging markets average has been growing over the past few months.

Acceleration in inflation and a downturn in exports has weakened India’s overall performance in the real economy segment. The decline in India’s merchandise exports was largely due to a drop in the shipments of petroleum products but growth in non-oil exports slowed too.