A dramatic improvement in foreign exchange reserves coupled with record foodgrain stocks and continuing high levels of agricultural output suggest at first sight that India is heading towards a period of relative prosperity. Real economic growth is scheduled to exceed the country's planned target of 4.7% a year between 1978-83. But an impartial look at the sub-continent shows some worrying political, industrial and labour problems. Although the recent sharp rise in oil prices will widen the Indian trade deficit, dependence on imported oil--which at present accounts for 60% of total consumption--is likely to continue to fall as domestic production rises to at least 10m. tonnes a year in 1980/81. An analysis by Lloyd's Shipping Economist of Indian shipping movements reflects the changes in the sub-continent's trade patterns and gives a firm indication of what is likely to happen in the coming years. For example, in the period January-July 1979 a massive increase in unitised tonnage was noted; ship sailings were up by 170% compared with the corresponding seven months of 1978. Indian iron ore shipments are also booming, and an increase of 36% in ship sailings was noted. Lower oil imports were mirrored in declining tanker movements--down 13%.

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  • Corporate Authors:

    Lloyd's of London Press Limited

    Sheepen Road
    Colchester, Essex CO3 3LP,   England 
  • Publication Date: 1979-11

Media Info

  • Pagination: p. 11-14
  • Serial:

Subject/Index Terms

Filing Info

  • Accession Number: 00316211
  • Record Type: Publication
  • Files: TRIS
  • Created Date: Oct 8 1980 12:00AM