Question
Which of the following European country has emerged as
India’s fifth-largest export destination in FY 2021-22?Solution
· Indo-Dutch relations date back to more than 400 years. In 1604, the Dutch East India Company began trading in India, first establishing itself in Dutch Coromandel, notably Pulicat (or Pazhaverkadu), Tamil Nadu, looking for textiles to exchange with the spices they traded in the East Indies. · Diplomatic relations between India and the Netherlands were established in 1947. · Netherlands has emerged as India’s fifth-largest export destination in 2021-22 (FY22), jumping from its 10th position a year ago. · Exports to the fifth-largest economy in the European Union (EU) bolted 94% to $12.5 billion in the financial year ended March 31, 2022. · FY22, the Netherlands surpassed Hong Kong, Singapore, the UK, Germany, and Nepal to become India’s largest export destination in the EU. · Germany, which was earlier India’s top European export destination (eighth position), has now dropped two ranks to 10th place. · While the US ($76.1 billion) remained India’s top export destination in FY22, the United Arab Emirates ($28 billion) trounced China ($21.3 billion) to become the second-largest export market. · Bangladesh ($16.1 billion), which has been rising through the ranks, improved one position to become the fourth-largest export market for India. · India’s top exports to the Netherlands were aviation turbine fuel ($2.6 billion), diesel ($1.7 billion), smartphones ($297 million), aluminium ingots ($245 million), benzene ($136 million), and prawn ($75 million), among others.
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