Indian Exports show improvement

Indian Exports show improvement

Government has announced that exports from the country have improved drastically in the last couple of months. The country recorded a growth of 27 percent year-on-year in July as a result of improving economic conditions leading to enhanced industrial output. The report was released by the commerce ministry. It said that the Exports during July rose to 7.23 billion dollars from 5.70 billion dollars a year earlier.

However, the trade deficit swelled to 13.97 billion dollars during the quarter from 7.69 billion dollars in the same period last year. Commerce Minister Kamal Nath was speaking to the media when he said: “With this trend in exports and our concerted efforts to sustain it, I am confident that we will reach and even surpass the export target of 92 billion dollars which has been set for this fiscal year.”

He also assured the people of India that there is nothing to worry about the rising trade deficit as the country’s foreign exchange reserves of over 140 billion dollars were pretty strong and would help in covering it. Kamal also added that the country is expected to see a demand of nearly 2.4 million new jobs over the next two year due to export industry alone!

The government has also set itself a target of achieving more than five billion dollars in foreign investment for the fiscal year. This figure is an impressive improvement over 3.75 billion last year. Kamal added: “We are looking at an Economic Cooperation Agreement with Gulf Cooperation Council member countries so as to bring the economies of the Gulf closer to India on a mutually beneficial basis.”