Braving the slow economic growth and declining demand from the Western markets, India’s exports posted an impressive 37.1 per cent rise at $245.9 billion for the fiscal ending 2010-11. During March 2011, the growth stood at 43.9 per cent at $29.1 billion.
Releasing the figures here, Union Commerce and Industry Minister, Anand Sharma said India’s exports have not only posted a phenomenal growth but have also surpassed the growth target of $220 billion set for 2010-11. Exports had suffered in 2009-10 under the impact of global slowdown and the government had to intervene to help the exporters through different packages
``We have received the export figures for this fiscal and it is indeed heartening to see that our exports for the year ending March 2011 touched $245.9 billion registering a growth of 37.5 per cent. For the first time the figures have reached the $200 billion mark which was a target set for last financial year and exports have indeed exceeded our expectations. Imports for the same period stood at $350.3 billion and the good news is that the trade deficit figure has come down to $10.4.4 billion,’’ Mr. Sharma told newspersons here.
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Mr. Sharma said engineering goods by far constituted the largest component of the exports entailing considerable domestic value addition and engineering exports crossed $60 billion registering a growth of 84.76 per cent. Petroleum products export stood in the range of $42.45 billion registering a growth of 50.58 per cent. Gems and Jewellery sector which is a considerable employer of people saw an export of $33.54 billion showing a growth of 15.34 per cent. Drugs and
pharmaceuticals sectors for which India has gained a considerable global reputation saw total exports of $10.32 billion showing a growth of 15.08 per cent.
In the readymade garments exports crossed $11.1 billion showing a growth of 4.23 per cent. Cotton yarn 34 fabrics saw an export of $5.66 billion registering a growth of 42.87 per cent. Exports of carpet, jute and leather which are the labour intensive sectors assured considerable dynamism in growth. Agricultural exports and allied sectors including tea, coffee, tobacco, spices, cashew, oil meals, fruit and vegetables and marine products crossed the $12.92 billion. Iron ore exports have actually gone down by 25 per cent at $4.5 billion.
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Mr. Sharma expressed the hope that based on the performance of exports, he was confident that the Government will be able to achieve the target of exports of $450 billion, a target set in the draft strategy paper which was released by the Department of
Commerce.
He said the final strategy paper for doubling India’s exports to reach $450 billion will be uploaded on the department site very soon.