As Europe witnesses second wave of COVID-19 cases and economies like France and Germany brace for lockdown, will this have huge ramifications for India- Europe trade? We try and gather how integrated is India trade with Europe. Europe contributes nearly 19.3% to India’s exports as of 2019-20, while share of Europe in India’s imports stands at 15% as per data from Ministry of commerce. India Exports most to UK, Germany, Netherlands & Belgium. On the import front India Imports most from Germany, Switzerland, Belgium & UK. India exports about 27% of its automotive components production. US, Germany & UK account for 25%, 7%, and 4%, respectively, of India’s exports; Italy also accounts for 4%.
Ajay Srivastava, CEO, Dimensions Corporate Finance Services said to ET NOW, supply chain has been efficient as there are other suppliers in the world apart from Europe and imports from Germany amount for nothing critical. He believes implications of second wave could be postponed exports and US disruptions are actually the ones to be watched out for.
Europe contributes nearly 15-29% to revenues for large 4 IT companies. Covid has only led to acceleration of adoption of technology across the world and while all the Indian IT players saw revenue growth back in positive in Q2, even Europe reported positive revenue growth on QOQ basis for most IT players.
Let’s listen in to Poonam Saney to catch more details about India- Europe trade