India's imports vault over 34 per cent to $29 billion in July

India's imports jumped 34.3 per cent year-on-year to $29.17 billion in July 2010 while exports from the country grew at a moderate 13.2 per cent to $16.24 billion during the month.

During the first four months of the current financial year, ie, April-July 2010-11, the country's imports grew 33.3 per cent to $112.2 billion while exports grew 30.1 per cent to $68.6 billion, commerce secretary Rahul Khullar told press persons in New Delhi today.

With this, the country's overall trade deficit during the current fiscal has risen to $43.6 billion, he said.

Khullar also said that the government has set an export target of $200 billion for the current fiscal, which is achievable even at a steady export growth rate of 15 per cent from now on.

Meanwhile, India's Foreign Trade Policy 2009-14 envisages a doubling of the country's exports of goods and services by 2014, minister of state for commerce and industry Jyotiraditya M Scindia informed the Lok Sabha on Monday.

He said exports from select labour-intensive sectors have shown an improvement after the government extended additional support measures in January and March 2010.
Export of gem and jewellery rose to $29 billion in 2009-10 from $28.41 billion in 2008-09.

Export of leather and leather manufactures, however, was lower at $3.28 billion in 2009-10 against $3.49 billion in 2008-09.
 
Textile exports rose marginally to $18.26 per cent in the 2009-10 financial year from $18.15 billion in 2008-09.

The government reviews export performance of the various sectors through consultation with the export promotion councils and the respective trade and industry on a continuous basis and extends need-based support measures from time to time as per the requirement and the revenue implications thereof, the minister said.
 
A quarterly quick surveys conducted by the ministry of labour and employment, however, showed that employment at the exporting units has increased by 1.87 lakh during January-March 2010 over October-December 2009, he added.