Merchandise imports to cross $700 billion

New Delhi: India's merchandise imports are estimated to grow by about 16 per cent to $710 billion in this fiscal due to a jump in inbound shipments of crude oil, coal, diamonds, chemicals and electronics, a report by economic think tank GTRI said on Wednesday.  The Global Trade Research Initiative (GTRI) also said that the Indian economy will be moderately impacted by weak global demand and recession in large economies. Six product categories - petroleum, crude oil; coal, coke; diamond, precious metals; chemicals, pharma, rubber, plastics; electronics; and machinery - account for 82 per cent of India's total merchandise imports. "India's merchandise imports for the fiscal year ending March 2023 are estimated to touch $710 billion, up from $613 billion in FY22, an increase of over 15.8 per cent over last year," GTRI co-founder Ajay Srivastava said.