Imports from the US grew by 33 per cent, followed by Germany at 27 per cent and the Netherlands at 20 per cent

On Jan. 2, the government had lifted the windfall tax on petroleum crude oil to 2,300 rupees a tonne from 1,300 rupees a tonne

Around 80% of India's goods trade with Europe, estimated at nearly $14 billion a month, normally passes via the Red Sea, according to government estimates

Merchandise imports, meanwhile, grew 8.45 per cent to $58.25 billion, boosted by gold imports

The fall in US Treasury yields and foreign portfolio investor (FPI) inflows further aided rupee and bonds

'Ten years of this growth we have seen, at least another five years of a strong majority government will end up institutionalising those policies to a fair extent,' Bajaj said in an interview in Davos