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    <title>Exports: No Cause for Panic Excluding Petroleum and Gems and Jewellery, no Significant Decline in India’s Exports</title>
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    <description>The headline export decline is largely price-driven from petroleum and gems &amp; jewellery; excluding these categories the fall is substantially smaller and non-oil exports in rupee terms show only modest reduction. Adjusting for wholesale price deflation (WPI) suggests negligible real-term volume contraction, several manufacturing and processed-goods sectors posted growth, and macro indicators-narrower current account deficit and sustained GDP growth-indicate no systemic export crisis.</description>
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