However, a growing gap in trade performance was underlined by India’s latest figures, with exports tumbling 33 per cent in March to $11.5bn (€8.7bn, £7.7bn) from a year earlier – the biggest drop on record.
India’s exports to the US have fallen more sharply than those of China, South Korea and Brazil, according to a study by the Federation of Indian Chambers of Commerce and Industry (FICCI).Gems, pharmaceuticals, textiles, vehicles and auto parts were all hit in an overall 12 per cent drop in US exports between October and February.
“The sharp decline in our exports to the US, which accounts for 13 per cent of our global exports, is a matter of deep concern,” said Harsh Pati Singhania, the president of FICCI.
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