The USDA said that India will contribute to a major part of the rice exports in the global market, however, it is anticipated to be much lower in comparison to 2021-22
Global business leaders are increasingly looking to India and Southeast Asia as alternative supply chain destinations while trade relations between China and the US deteriorate, according to a poll by PwC published on May 9.
The IMF recently revised India's growth forecast upward to 6.8% from 6.5% projected in its January forecast. The fund also revised India's FY24 growth outlook upward to 7.8%, higher than the government's projection of 7.6%. "India and the Philippines have been the source of repeated positive growth surprises, supported by resilient domestic demand," IMF said in its report.
India's nominal gross domestic product will likely outstrip Japan's in 2025 to become the world's fourth-largest economy, according to an International Monetary Fund estimate, a year earlier than the previous projection.
Boosting the share of manufacturing in India's economy has been one of the key promises made by Modi, who is seeking a third term in elections that start on April 19, 2024.
Recovery of the world economy, including many major export markets of Vietnam, is a positive sign for the Southeast Asian nation’s import and export activities in the coming time.