India’s shift to net exporter after 18 years is not a reason for celebration

India’s shift to net exporter after 18 years is not a reason for celebration

India became a net exporter in June for the first time in 18 years, with exports of goods and services outweighing imports by $800 million. The Indian government was quick to celebrate its trade surplus, with union minister Piyush Goyal attributing it to prime minister Narendra Modi’s call for Aatma Nirbhar Bharat (self-sufficient India). The government’s chest thumping is nothing new, but a deeper look at the numbers exposes the reality of India’s trade and current account balance.