Reflecting a 4.2% drop, due to data migration and technical glitches, the centre revises electronics import data down by $2.7 billion for 2024-25. Further updates are expected.
The central government has revised India’s import data for electronics, during the first eight months of the 2024-25 financial year downward by $2.7 billion, bringing the total to $61.2 billion, according to data from the Directorate General of Commercial Intelligence and Statistics (DGCI&S).
This revision reflects a 4.2% decrease, with further adjustments likely. As per a Business Standard report, the downward revision highlights efforts to improve the accuracy of trade statistics, although such updates are common due to the receipt of late or revised information.
The revisions stem from changes in data transmission systems and technical glitches. As the data migration from the National Securities Depository (NSDL) to the Indian Customs Electronic Gateway (ICEGATE) system continues, inconsistencies have emerged, prompting necessary corrections. The shift aims to streamline the reporting process and reduce errors in trade data capture, though the migration remains incomplete.
In November 2024, electronics imports were adjusted by $0.4 billion, falling from $7.6 billion to $7.2 billion. The adjustments are part of a broader revision of India’s trade figures, which also saw significant downward revisions for precious metals like gold and silver.
These revisions are crucial for the Indian government’s economic planning, revenue calculations, and trade policy formulation. The adjustments made from April to November 2024 align with international data dissemination standards, ensuring that India’s trade statistics remain reliable and up-to-date for policymakers and investors alike.
