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Table 1: Major Items of India's Balance of Payments
(US$ Billion)
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April-June 2021 P
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April-June 2020
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Credit
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Debit
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Net
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Credit
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Debit
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Net
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A. Current Account
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180
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173.5
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6.5
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122.4
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103.3
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19.1
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1.Goods
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97.4
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128.1
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-30.7
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52.2
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63.2
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-11
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Of which:
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POL
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13
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31
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-18
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4.8
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13.2
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-8.3
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2.Services
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56.2
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30.4
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25.8
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47
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26.2
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20.8
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3.Primary Income
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5.4
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13
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-7.5
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5
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12.7
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-7.7
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4.Secondary Income
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20.9
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1.9
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19
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18.2
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1.2
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17
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B. Capital Account and Financial Account
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155.3
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161.4
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-6.1
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120.2
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138.6
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-18.5
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Of which:
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Change in Reserves [Increase (-)/Decrease (+)]
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0
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31.9
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-31.9
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0
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19.8
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-19.8
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C. Errors & Omissions (-) (A+B)
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0.4
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-0.4
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0.6
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-0.6
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It is visible from this table it must be positive or favourable condition during the period of April – June in 2021. The reason why the credit side is more than debit side. It means that the export of india has been higher than its import. The most share of current account is goods and its amount is equal to 97.4. The least one of current account is primary income and it quantity is equal to 5.4. And the condition in 2020 is also favourable on account of the fact the net export is equal 19.1
CONCLUSION
The current account balance- comprising net of India's export of goods and services- recorded a surplus of 0.9 per cent of GDP in 2020-21 as against a deficit of 0.9 per cent in 2019-20 on the back of a sharp contraction in the trade deficit to $ 102.2 billion from $ 157.5 billion in 2019-20, according to the preliminary numbers released by the Reserve Bank of India. The last time the current account ended in a surplus for a whole fiscal was in 2003-4 when the surplus touched 2.3 per cent of GDP ..
The current account ended in a deficit of $ 8.1 billion (1.0 per cent of GDP) in Q4'2020-21 as against a surplus of $ 0.6 billion (0.1 per cent of GDP) in Q4'2019-20. “A normalisation in import demand as well as a surge in gold imports contributed to the widening of the current account deficit in Q4'2021 in spite of the massive increase in exports in March 2021" said Aditi Nayar, Chief Economist, Icra.
Foreign Trade8
INTRODUCTION
Foreign trade, economic transactions that are made between countries. Among the items commonly traded are consumer goods, such as television sets and clothing; capital goods, such as machinery; and raw materials and food. Other transactions involve services, such as travel services and payments for foreign patents (see service industry). International trade transactions are facilitated by international financial payments, in which the private banking system and the central banks of the trading nations play important roles.
MAIN PART
INDIA’S MERCHANDISE TRADE: Preliminary Data January 2022
Statement 1: India’s Merchandise Trade in January 2022
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Value in Billion USD
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% Growth
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Jan-22
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Jan-21
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Jan-20
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Jan-22 over Jan-21
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Jan-22 over Jan-20
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Exports
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34.06
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27.54
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25.85
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23.69
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31.75
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Imports
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52.01
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42.03
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41.15
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23.74
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26.38
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Deficit
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17.94
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14.49
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15.30
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23.82
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17.30
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Summarizing: India’s merchandise export in January 2022 was USD 34.06 billion, an increase of 23.69% over USD 27.54 billion in January 2021 and an increase of 31.75% over USD 25.85 billion in January 2020.
India’s merchandise import in January 2022 was USD 52.01 billion, an increase of 23.74% over USD 42.03 billion in January 2021 and an increase of 26.38% over USD 41.15 billion in January 2020.
Statement 1: India’s Merchandise Trade in 2021-22 (April-January)
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Value in Billion USD
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% Growth
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2021-22 (Apr-Jan)
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2020-21 (Apr-Jan)
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2019-20 (Apr-Jan)
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2021-22 (Apr-Jan) over
2020-21 (Apr-Jan)
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2021-22 (Apr-Jan) over
2019-20 (Apr-Jan)
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Exports
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335.44
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228.90
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264.13
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46.53
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27
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Imports
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495.83
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304.79
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405.33
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62.68
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22.30
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Deficit
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160.38
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75.87
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141.2
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112.97
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13.51
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Summarizing: India’s merchandise export in 2021-22 (April-January) was USD 335.44 billion, an increase of 46.53% over USD 228.9 billion in 2020-21 (April-January) and an increase of 27.0% over USD 264.13 billion in 2019-20 (April-January).
India’s merchandise import in 2021-22 (April-January) was USD 495.83 billion, an increase of 62.68% over USD 304.79 billion in 2020-21 (April-January) and an increase of 22.3% over USD 405.33 billion in 2019-20 (April-January).
The trade deficit in January 2022 was USD 17.94 billion, while it was 160.38 billion USD during 2021-22 (April-January).
Living standards
INTRODUCTION
Standard of living focuses on basic material factors such as income, gross domestic product (GDP), life expectancy, and economic opportunity. It is closely related to quality of life, which can also explore factors such as economic and political stability, political and religious freedom, environmental quality, climate, and safety.
Standard of living is often used to compare geographic areas, such as the standard of living in the United States versus Canada, or the standard of living in St. Louis versus New York. Standard of living can also be used to compare distinct points in time.
For example, compared with a century ago, the standard of living in the United States has improved greatly. The same amount of work buys an increased quantity of goods, and items that were once luxuries, such as refrigerators and automobiles, are now widely available. Moreover, life expectancy has increased, and annual hours worked have decreased
MAIN PART
HEALTH
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69.7
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Life expectancy at birth (years)
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EDUCATION
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12.2
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Expected years of schooling (years)
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INCOME
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6.681
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Gross national income (GNI) per capita (constant 2017 PPP$)
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INEQUALITY
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0.475
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Inequality-adjusted HDI (IHDI)
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GENDER
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0.820
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Gender Development Index (GDI)
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POVERTY
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27.9
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Population in multidimensional poverty, headcount (%)
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WORK,
EMPLOYMENT,
VULNERABILITY
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46.7
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Employment to population ratio (% ages 15 and older)
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HUMAN SECURITY
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3.1
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Homicide rate (per 100,000 people)
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TRADE,
FINANCIAL FLOWS
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40.0
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Exports and imports (% of GDP)
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MOBILITY,
COMMUNICATION
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34.5
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Internet users, total (% of population)
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ENVIRONMENTAL
SUSTAINABILITY
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2.0
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Carbon dioxide emissions, production emissions per capita (tonnes)
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DEMOGRAPHY
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1 503.6
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Total population (millions)
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SOCIO-ECONOMIC
SUSTAINABILITY
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21.2
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Skilled labour force (% of labour force)
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CONCLUSION
Human Development Index
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0.645
(INDEX)
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131
(RANK)
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We can sum up from this information that in 2020 India’s position of human development index 131. We can say that India is 131th human development country in Earth. Nearly all compositional indicators aren’t higher than 70%. As a consequence, the overall result is equal 0.645 which is slightly more than a half. In summarizing, we can’t say that India isn’t a developed country according to the living standards of population.
Here is clearly visible, India is slowly developing with its standards of living for population. For 30 years , Human development index has increased approximately 0.2 only.
Reasons For India’s Underperformance on HDI
India is ranked 131st in the 2020 HDI, with a per capita income of $6,681, a notch lower than its 2019 ranking of 129th. Deep-rootedsocietal and economic disadvantages are to account for a poor ranking for an economy that is in the world's top six in terms of size. The following causes can be attributed to India's poor HDI performance:
Increasing Income Inequalities: Income disparities amplify failures on other HDI human development indices. In countries with substantial income disparity, intergenerational income mobility is lower.
Gender Inequality: According to statistics, female per capita income in India is just 21.8 percent of that of males, although it is more than twice in other emerging countries, at 49 percent.
Cumulative Impact: These elements have a long-term impact that spans generations. This intergenerational loop deprives people at the bottom of the pyramid of opportunity.
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