Page 22 - Policy Economic Report - August 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Pharmaceuticals (14.06%), Marine Products (14.02%), Engineering Goods (13.75%), Ceramic
Products & Glassware (12.27%), Rice (10.96%), Cashew (10.96%), Handicrafts Excl. Hand Made
Carpet (10%), Carpet (8.05%), Leather & Leather Products (7.79%), Organic & Inorganic Chemicals
(7.19%), Fruits & Vegetables (6.58%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc.
(5.18%), Rmg Of All Textiles (4.75%), Tobacco (4.51%), Plastic & Linoleum (4.39%), Man-Made
Yarn/Fabs./Made-Ups Etc. (4.05%) and Spices (4.01%) record positive growth during July 2025
over the corresponding month of last year.

• Imports of Pulses (-51.62%), Leather & Leather Products (-41.1%), Newsprint (-25.73%) and Coal,
Coke & Briquettes, etc. (-20.93%) record negative growth during July 2025 over the corresponding
month of last year.

• Services exports is estimated to grow by 7.86 percent during April-July 2025 over April-July 2024.
Top 5 export destinations, in terms of change in value, exhibiting growth in July 2025 vis a vis July
2024 are U S A (19.94%), U Arab Emts (11.69%), China P Rp (27.39%), Spain (60.12%) and Hong
Kong (66.43%).

• Top 5 export destinations, in terms of change in value, exhibiting growth in April-July 2025 vis a
vis April-July 2024 are U S A (21.64%), China P Rp (19.97%), U Arab Emts (4.62%), Kenya (64.05%)
and Germany (14.37%).

• Top 5 import sources, in terms of change in value, exhibiting growth in July 2025 vis a vis July 2024
are Saudi Arab (41.34%), Hong Kong (45.78%), Ireland (375.56%), Peru (249.3%) and U S A
(13.78%).

• Top 5 import sources, in terms of change in value, exhibiting growth in April-July 2025 vis a vis
April-July 2024 are China P Rp (13.06%), U Arab Emts (17.67%), Ireland (302.8%), U S A (12.33%)
and Hong Kong (36.87%).

6. S&P upgrades India to BBB with a Stable Outlook, highlighting Economic Resilience and Sustained
Fiscal Consolidation

Standard & Poor’s (S&P) Global Ratings upgrades India’s long-term sovereign credit rating to ‘BBB’ from
‘BBB-’ and its short-term rating to ‘A-2’ from ‘A-3’, with a Stable Outlook. The rating upgrade is a significant
affirmation of India’s economic trajectory and prudent fiscal management. This marks the country’s first
sovereign upgrade by S&P in 18 years, the previous one being in 2007 when India was elevated to
investment grade at BBB-. In May 2024, the agency revised its outlook on India from ‘Stable’ to ‘Positive’.

As per S&P’s India sovereign rating review, the upgrade reflects a combination of key factors, including
India’s buoyant and dynamic economic growth, the government’s sustained commitment to fiscal
consolidation, improved quality of public spending, particularly on capex and infrastructure, and strong

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