New Delhi, April 13: Exports grew 5 per cent in the last fiscal but fell for the sixth month in a row in March.
“For March, we have the provisional (exports) figures. It is under $12 billion. So, we are seeing the same trend of decline,” commerce secretary G.K. Pillai said. Exports in March last year were valued at $16.28 billion.
Pillai said the government expected trade to be flat in the current fiscal as the global economy would show signs of revival only later this year.
However, export of IT-BPO services is expected to grow at around 16-17 per cent in 2008-09 to $47 billion.
Nasscom has projected that the IT industry will see sustainable growth over the next two years and clock revenues of $60-62 billion by 2010-11.
Exports for fiscal 2008-09 are estimated at around $170 billion compared with $162 billion in 2007-08. Imports declined 37 per cent in March.
Exports started falling from October when they fell for the first time in five years to 12.1 per cent.
Imports entered into negative territory in January when it fell over 18 per cent, while in February the decline was 23.3 per cent.
Pillai said the growth rate of exports at about 35 per cent in the first half 2008-09 would not be maintained in 2009-10. “This year obviously we will not grow that much,” he said.
The government expects exports to be flat in 2009-10 at about $170 billion. Analysts consider this as a positive trend as projections by several agencies point to lower economic growth in 2009-10.
Exporters are optimistic that the resolve of G-20 nations to refrain from protectionist measures will boost global trade.
“If further protectionist measures are not taken by our trading partners, Indian exports will be back on track by the end of the first quarter of the current fiscal year,” said A. Sakthivel, president of the Federation of Indian Export Organisations.
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Source : The Telegraph