Monday, July 22, 2024

Indian Economy Is Roaring

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At a time of global uncertainty concerning economic growth, Bharat leads the world in growth, the Indian economy is roaring

The economy of a country is a barometer of societal progress and prosperity.

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This narrative is not only old but holds relevance even today. Without inclusive economic growth a society cannot hope to develop.

In the light of that the month of September in 2023 has established new records one after the other.

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It is, therefore, necessary to understand the records that have been established in some sectors of the economy which highlights Bharat as the lone bright spot in an otherwise dim global economic situation.

Auto Industry

Automakers in India set a record in monthly sales selling 363,733 cars and sport-utility vehicles in September as they accelerated dealer dispatches from factories to build stocks ahead of the key festivals of Dussehra and Diwali.

The demand was driven by strong consumer demand during the festive season coupled with the rollouts of new Sports Utility Vehicles (SUVs) such as Honda Elevate, Citroen C3 Aircross, Tata Nexon (facelifted version), etc.

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For the country’s biggest carmaker Maruti Suzuki, at 1,81,343 units, total sales were up 2.8 percent in September, driven by higher SUV sales.

Total sales in the month include domestic sales of 1,53,106 units, sales to other OEMs of 5,726 units, and exports of 22,511 units.

Petroleum Sector

Even though Bharat is the third largest importer of crude oil to satisfy 85% of her energy requirement, she is a net exporter of petroleum products with an impressive 250 million barrels annual production capacity.

September marked the highest export of petroleum products to Europe.

Bharat exported 3,33,000 barrels of petroleum in September which is 47% higher compared to the volume in August and 57% higher on an year-on-year basis.

This export was driven by lower supplies to the continent from West Asia and the United States (US) due to the autumn refinery maintenance season amid strong European demand appeared to have created an arbitrage opportunity for Indian suppliers.

Exports are the Way Forward

For any economy to boom, its export sector has to perform decently.

As Bharat’s economy is expanding, more efforts must be made to ramp up exports as well as make them more competitive.

With more export friendly policies, it is expected that Bharat’s economy will continue to boom.

Hence there is little doubt that the Indian economy is roaring.

 

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