KACHARAGADLA

India remains a net gainer from the slump in international commodities, even as exports take a knock A fall in global commodities prices and slowdown in China have changed growth equations, capital flows and foreign trade globally. India is no exception. India will be a net gainer, even as lower commodity prices have shrunk exports. It is also likely to attract a greater pie of the shrinking global capital flows. In the first half of FY16, the average price of Brent crude oil was down 47 per cent year-on-year (Y-o-Y) and steel lost 30 per cent. India's merchandise exports in FY15 are likely to be the lowest in the past five years. Export of agri commodities, including basmati rice and buffalo meat, were also down in the first five months of FY16. A sharp fall in export of gems & jewellery, cotton and apparel, and steel was either due to unviable prices or lower demand. Aditya Narain, equity strategist, Citigroup Global Markets, says, "India looks to be a n