NEW DELHI: It is humbling when a columnist must retract his words soon after penning them. Just two months ago, after India rushed millions of doses of COVID-19 vaccines to over 60 countries, I praised the country’s “vaccine diplomacy”. India’s aspirations to be recognised as a global power had been given a real boost. Now, with more than 300,000 new cases a day and the death toll evidently much higher than reported, India is no one’s idea of a global leader. In my own defence, I was worried that India had exported three times as many vaccines as it had administered domestically. The country was clearly lagging behind its own target of immunising 400 million people by August, after vaccinating some three million healthcare workers in a campaign that began only on Jan 16. “[M]ounting concern about rising case numbers, the emergence of COVID-19 variants that may not respond to existing vaccines, and an economy that has not yet fully recovered,” I noted, “will intensify the ... » Learn More about Commentary: How did India go from exporting vaccines to reeling from COVID-19?
Export and import policy of india
BEIJING: China extended its impressive trade performance in April, with exports unexpectedly accelerating and import growth hitting a decade high, in a boost to the world's second-largest economy. A brisk U.S. economic recovery and stalled factory production in other countries hit by coronavirus have propped up demand for goods made in China, analysts say. Exports in dollar terms surged 32.3% from a year earlier to $263.92 billion, China's General Administration of Customs said on Friday, beating analysts' forecast of 24.1% and the 30.6% growth reported in March. "China's export growth again surprised on the upside," said Zhiwei Zhang, chief economist at Pinpoint Asset Management, adding that two factors - the booming U.S. economy and the COVID-19 crisis in India, causing some orders to shift to China - likely contributed to the strong export growth. "We expect China's export growth will stay strong into the second half of this year, as the two factors above will likely ... » Learn More about China posts rapid trade growth in April as recovery races ahead
In 2021, China’s economic momentum will drive global economic prospects. But new trade wars could derail global recovery again. IN the first quarter of the ongoing year, China’s gross domestic product (GDP) rose to a record 18.3 percent year-on-year. Despite the base effect, due to the pandemic plunge a year ago, the performance reflects strong momentum. In April, China’s economy continued to boom with strong exports and rising business confidence supporting the recovery. US economic growth accelerated in the first quarter thanks to a rush of consumer spending. The GDP expanded at a 6.4-percent annualized rate, the second largest since 2003. But it missed the estimates by 0.3 percent. Moreover, it was fueled by two rounds of huge stimulus payments, ultra-low interest rates and historical debt-taking. In normal and rational times, the Chinese and US performance would fuel a strong global recovery. But in our divided, not-so-rational world, the combined strength of the world’s ... » Learn More about Global recovery 2021 and dark legacies of Smoot-Hawley