Exports to cross $170 b in 2009-10, says government

Exports to cross $170 b in 2009-10, says government

Exports to cross $170 b in 2009-10, says government

The country’s exports in 2008-09 had amounted to US$185 billion. The estimates for 2009-10 are for a 11-month period and full numbers will be out shortly.

“Though I sincerely hope that it (exports in 2009-10) turns out to be well in excess of US$170 billion, we can expect a shortfall,” Union Commerce & Industry Minister Anand Sharma told reporters at the sidelines of a Ficci function here. In terms of percentage, the shortfall is likely to be in single digit, he added.

The official trade data for 2009-10 is likely to be released later this week. Due to the global slowdown, the country’s exports kept contracting for 13 months in a row since October 2008. The dip was at its worst at 39 per cent in May 2009.

It, however, entered into positive territory in November last year. “Much of growth in December (2009), January and February was against a low base of the previous years, when the economy downturn was galloping,” Sharma said.

He said the government’s stimulus packages, besides policy intervention by his ministry, helped exporters counter the global demand slowdown. Expanding for the fourth straight month, exports surged by 34.8 per cent to US$16.09 billion in February, against US$11.94 billion in the year-ago period.

India attracts $1.21b FDI

India attracted foreign direct investment of $1.21 billion in March, 2010, around 38 per cent lower than that in the same month last year, an official said on Tuesday.

The foreign direct investment (FDI) in March, 2009, was $1.95 billion. For the whole fiscal 2009-10 FDI fell to $25.89 billion from $ 27.30 billion in the previous fiscal 2008-09, the official said, adding that overseas investment lowered due to the impact of financial crisis.