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Trade deficit widens to $13.72 billion in April; is Nirav Modi fraud behind India’s falling exports?

The trade deficit in the month of April widened to $13.72 billion as exports grew only by 5.17%. After registering a healthy growth of 9% in January this year, exports took a hit. Following the Rs 13,000 crore Nirav Modi fraud, RBI’s decision to withdraw Letters of Understanding (LoUs) and Letters of Credit (LCs) spelt troubles for exporters especially in labour-intensive sectors of export including gems and jewellery, leather and leather products.........Read more