India's foreign trade may cross $760 billion in the financial year ending Mar 31, 2012, Commerce and Industry Minister Anand Sharma said Thursday.
"The two-way trade crossed $600 billion last year and must cross as per my assessment $750-760 billion this financial year, excluding the trade in services," Sharma said after inaugurating a textiles exhibition, Tex Trends India 2012, in New Delhi.
The minister said India's exports were likely to reach $300 billion, while imports would be to the tune of $450 billion.
India's exports grew by 25.8 percent to $217.6 billion in the first three quarters of 2011-12, while imports surged 30.4 percent to $350.9 billion.
"We are on course when it comes to achieving the target of overall trade this year," Sharma said.
The minister, who also holds textiles portfolio, said the textiles industry had played an important role in boosting India's exports.
"Textiles industry provides direct employment to over 35 million people. The sector contributes 14 percent of industrial production, 4 percent of GDP and 10.63 percent of country's export earnings," said Sharma.
Source : smetimes.in