| Date: |
17-12-2010 |
| Subject: |
India's exports booming: Govt |
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During the period April-November 2010, exports have reached a level of USD 140.3 billion at a growth of 26.7 percent while the imports were USD 222 billion with a growth of 24 percent and a trade deficit of USD 81 billion.
India’s imports in November 2010 were USD 27.8 billion, up by 11.2 percent. During this fiscal year sectors including engineering, gems & jewellery, petroleum and its products, leather & leather products, carpet, plastics & linoleum, cotton yarn, chemicals have done well, the ministry said.
The government attributes a part of this to the minor improvement in the GDP growth rate of US, one of India's major export destinations. IMF has also projected a growth rate of 3.3 percent in GDP in 2010 and 2.9 percent in 2011 for US in comparison to the negative growth in 2009.
After the global recession, the government is focusing on diversifying its export base out of the US and EU Regions. India is currently broadening its markets more into developing countries of Africa, Latin America and some parts of Oceania.
Source : indiablooms.com
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