Has recession started in India..!? The first blow has fallen..!!

Sowmiya Sriram
Has recession started in India..!? The first blow has fallen..!!
While the fear of recession is increasing day by day in the world, while America, which is a superpower, is struggling to somehow escape from this, it is said that many countries in europe have already been forced into recession. Many organizations, including the IMF, have said that the first blow of India's international economic recession has fallen. Due to the global economic slowdown, there has been a big hole in India's exports. In october, the country's exports decreased by about 16.65 percent compared to last year. Similarly, the country's exports have declined for the first time since february 2021. Importantly, India's exports fell 16.65 percent to below $30 billion for the first time in 20 months.
In the same october, the country's import volume increased by 5.7 percent to 56.7 billion dollars compared to last year. Looking at the import volumes, the country's imports have fallen sharply in the last 8 months, mainly due to a major fall in the prices of domestic products. With this, the country's trade deficit has increased by 50.25 percent to 26.91 billion dollars in october, according to the Ministry of Commerce. Also, the trade deficit has widened by 4.7 percent compared to September.
The difference between the country's imports and exports over the past four months has been more than $25 billion. The trade deficit was $17.91 billion in october 2021 and it is expected to be $26.91 billion in october 2022. India's export volume has suffered in many sectors and has increased only in some sectors.
Exports of mainly electronics products of the country increased by 38 percent in october to 1.8 billion dollars.And engineering goods fell 21 percent to just $7.4 billion, never-ending.
Due to this, indian exports of steel and other products worth 2 billion dollars have been affected. Exports of readymade garments and jewelry manufacturing sector, which provide the most employment in the export sector, have fallen by 21 percent. During the same period, prices of cotton, handloom, and handicrafts in india have halved compared to last year.
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