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In FY2015-16 Indian Global Imports More Than 300 Billion USD, Trade To Improve With Africa

shipsIn 2015-2016 the global imports by India were more than USD 300 billion.

In New Delhi last week, the 12th Confederation of Indian Industry Export-Import (EXIM) Bank of India Conclave on India-Africa project partnership has held and Mrs Nirmala Sitharaman who is the Minister of State for Commerce and Industry talked about the import and export figures of India in the fiscal year 2015-16 in relation with African countries. She told that during the given fiscal Zambia’s USD 475.4 million contributions to the USD 381,006.6 million imports by India.

From Africa to India the main items imported are mineral fuels, mineral oils and its products, cultured pearls, semi-precious stones, edible fruit and nuts, inorganic chemicals and copper and copper items, said by the minister.

In 2015-2016, “India’s global exports stood at USD 262,290.1 million with petroleum products being the largest items in India’s export basket to Africa contributing 19.8 per cent, told by Sitharaman.

In recent years Indian investments in Africa had increased as the African countries have markets with high growth and reserved rich with minerals, said by the minister.

The President of India, Mr Pranab Mukherjee had also taken part in that occasion and said that the Indian government wanted to strengthen the partnerships with African countries in the interest of mutual benefit. The trade between India and Africa will reach a Gross Domestic Product (GDP) value of about $ 35 trillion by 2050 and a population of 4 billion and Mr Mukherjee was hopeful for that.

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