India Overstated Exports by $9 Billion

[fast]

India Overstated Exports by $9 Billion Due to

India’s commerce ministry said it overstated merchandise exports by $9 billion in the eight months through November because of “misclassification and errors” in computing overseas sales.

“Notwithstanding the misclassification, there were errors in double counting and all sorts of things which inflated exports by about $9 billion,” Commerce Secretary Rahul Khullar told reporters in New Delhi yesterday.


Waning Demand

India’s exports in November were $22.3 billion, Khullar said, without elaborating. Bloomberg calculations based on previously announced data show exports grew 3.7 percent last month from a year earlier, the slowest pace in more than two years.

The South Asian nation’s imports in November were $35.9 billion, he said. Imports in the eight months through November were $309.5 billion, causing a trade deficit of $116.8 billion in the period, Khullar said.

 

[lem34]

Damn that willl dissapoint those who thought India might be able to compete with chinese

 

[fast]

^^^ But they have a lot of billionaires to make up for it.

 

[breeze]

Fake democracies are known for lying through their teeth. If this is India's way to getting to the top, then I feel sorry Indians. Who knows what else these people are lying about?

What miserable Indians -- truly Africans of Asia.

 

[ares]

Fake democracies are known for lying through their teeth. If this is India's way to getting to the top, then I feel sorry Indians. Who knows what else these people are lying about?

What miserable Indians -- truly Africans of Asia.

Are you a retard or simply an illiterate ??

First line of the article itself mentions
"
India’s commerce ministry said it overstated merchandise exports... because of “misclassification and errors” in computing overseas sales."

Do you need help understanding such simple English?

So where is the lying ..all I see is a ministry accepting its clerical error!!

 

[breeze]

Are you a retard or simply an illiterate ??

First line of the article itself mentions
"
India’s commerce ministry said it overstated merchandise exports... because of “misclassification and errors” in computing overseas sales."

Do you need help understanding such simple English?

So where is the lying ..all I see is a ministry accepting its clerical error!!

Indians are known for lying. it's not surprising that India's commerce ministry got caught, hence, “misclassification and errors”. But really, it's "we just messed up big time and Indians might revolt".

9 billion is a huge number. One simply does not miscalculate 9 billion. Fake export figures, fake democracy. Anything else India is hiding?

 

[ares]

Indians are known for lying. it's not surprising that India's commerce ministry got caught, hence, “misclassification and errors”. But really, it's "we just messed up big time and Indians might revolt".

9 billion is a huge number. One simply does not miscalculate 9 billion. Fake export figures, fake democracy. Anything else India is hiding?

You acting like a stuck record ...parroting the same lines without sense, logic or proof!!

You say

"India's commerce ministry got caught"

So you must know the background.
Who caught them, when did it happen...you must have some facts to back your assertion or are you simply blabbering?

 

[lamlap]

Damn that willl dissapoint those who thought India might be able to compete with chinese

I am so sad to hear that

 

[aristocrat]

I am so sad to hear that

good now cry me a river............

 

[Chinese-Dragon]

Written four days ago in "The Hindu":

India's trade deficit with China widens - The Hindu

The trade deficit with China is now likely to exceed last year's record $20 billion figure.

And now with the value of the Indian Rupee collapsing, it is going to get much worse. Since of course, India is a net importer with a large trade deficit already.

 

[ares]

Written four days ago in "The Hindu":

India's trade deficit with China widens - The Hindu



And now with the value of the Indian Rupee collapsing, it is going to get much worse. Since of course, India is a net importer with a large trade deficit already.

Since you do not know much about economics..you should not pass an uneducated judgement.

Devaluation of currency is actually good for exports ..ie it makes your product cheaper international market..eg do you not know why, China has its currency so severely devalued and refuses revalue it?

 

[Chinese-Dragon]

Since you do not know much about economics..you should not pass an uneducated judgement.

Devaluation of currency is actually good for exports ..ie it makes your product cheaper international market..eg do you not know why, China has its currency so severely devalued and refuses revalue it?

Hahaha, nice try.

That only works if you have a large enough manufacturing base and are able to (competitively) produce alternatives to the things that you import within your own domestic industries.

If the currency falls in value, then imports become more expensive. India is of course a net importer, and imports far more than it exports.

If India can replace those now expensive imports with their own goods that have been produced internally, then the trade deficit should shrink. But why it the trade deficit increasing?

 

[ares]

Hahaha, nice try.

That only works if you have a large enough manufacturing base and are able to produce alternatives to the things that you import within your own domestic industries.

If the currency falls in value, then imports become more expensive. India is of course a net importer, and imports far more than it exports.

If India can replace those now expensive imports with their own goods that have been produced internally, then the trade deficit should shrink. But why it the trade deficit increasing?

You are bent on proving you are an economic illiterate and trying to change your stance when you initial argument is proven wrong .
When a product become expensive ..it is invariably replaced with cheaper alternative ..that is how free market works..uptill now it was being imported ..when its price rises ..it can no longer compete against similar product produced locally..and hence imports decrease..and exports increase as they become more competitive in international market..take Pakistan's example ..their currency has devalued by 40% in last 3yrs and there trade deficit is continuously reducing and export increasing incrementaly.

 

[Chinese-Dragon]

..when its price rises ..it can no longer compete against similar product produced locally..and hence imports decrease..and exports increase as they become more competitive in international market..

In theory, yes.

But give me one example where the fall in the Indian Rupee has been enough make Indian products cheaper than importing them from China or elsewhere. Indian industry was not competitive enough in the first place.

And tell me then, why is the Indian trade deficit increasing? Were you unable able to replace imports with your own domestically produced products?

 

[beijing consensus]

bunch of crooks these indians.

faked about how they will give a great commonwealth games and it became a total farce.

now faking economic data.

i doubt they are growing as fast as they say.
their deficits, both trade and budget, are growing and getting bigger.
inflation is very high.
growth collapsing.
faking economic numbers.
typical democrazy, faking numbers to win elections, same thing happens in america.