India can reap benefits in the current global economic scenario: Masala King Dr Dhananjay Datar

Bombay (Maharashtra) [India], October 15 (ANI/PNN): The current global economic scenario shows a mixed trend. Due to the Russian-Ukrainian war, depleted fuel supply, rising inflation, impending agricultural losses from global warming, food insecurity, recession, and economies in difficulty of many countries, the world is going through challenges never seen before. But at the same time, referring to some recent positive developments in the field of import-export, Masala King Dr Dhananjay Datar, CMD, Al Adil Trading Co. LLC said, “India exports to Gulf countries mainly by sea routes and the UAE is a major importer of Indian goods and foodstuffs. The containers needed for this were not available in sufficient numbers during the past 2 years. Furthermore, much of the available container stock was used on the China route alone due to increased demand during the pandemic period in that country. »

The freight rate thus reached a record level of 1100 USD per 20ft container last November. High freight rates caused price hikes for all commodities and retail customers faced the brunt of inflation. Now the situation is back to normal and the supply of containers has also increased. The rise in prices of imported products in Dubai fell by 10 to 12%. Freight rates are likely to be reduced to a level of USD 150-175 per container, which will lower commodity prices by 20%. It will be a great relief for customers from Gulf countries. India can take advantage of the situation by increasing its commodity exports.”

Dr Dhananjay Datar added: “Recently, the dirham, the currency of the United Arab Emirates, has strengthened against the currencies of India, Pakistan, the United Kingdom and European countries. This will also help to deflate imports to Dubai.India and Pakistan are the two major sources of imports of foodstuffs like rice, spices, dried fruits, vegetables and other groceries.The satisfactory monsoon this year will be an opportunity for India to take the lead in exports of agricultural products.The Russian-Ukrainian war situation is softening The front will lead to the resumption of trade of the two countries to the world.Since Ukraine is a a major exporter of wheat, cooking oil and pulses, the resumption of trade is expected to bring prices of these commodities back to normal, but a major concern is rice production and prices in the near future. torrential rains This season devastated the harvest in some major rice producing countries in South Asia, production, supply and prices cannot be estimated. imagined at the moment.”

“The exchange rate of the Indian rupee against the US dollar is largely stable. A marginal drop in the value of the rupee can still benefit Indians who aspire to move abroad for employment. Post-pandemic , the demand for skilled labor is increasing again and Indians can take advantage of this by demanding attractive salary packages abroad.In any case, there are also opportunities in hard times. should take advantage of it,” Dr Datar said. This story was provided by PNN. ANI shall in no way be responsible for the content of this article. (ANI/PNN)

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