Question
What was the primary factor contributing to the
significant increase in India's steel trade deficit to ₹6,704 crore in the first quarter of FY25?Solution
The substantial increase in India's steel trade deficit to ₹6,704 crore in Q1FY25 was primarily attributed to intensified competition from China. This competition led to a loss of key export markets and a significant decline in export volumes, which, combined with increased steel imports, widened the trade deficit. The impact of rising imports and declining exports, particularly from competitive markets like China, was a major contributing factor to the deficit.
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