Narendra Modi's Washington test

Narendra Modi's Washington test

If Modi gets the world’s biggest power right, his pursuit of larger global goals...
Small banks or banks for ‘small’ people?

Small banks or banks for ‘small’ people?

Unless appropriate sub-limits are imposed on loans, there is a serious...

Double-digit export growth likely to continue in August: Commerce secy

Sep 10 2013, 03:32 IST
Comments 0
SummaryIndia's merchandise exports are expected to continue with double digit growth in August on account of improving demand in markets such as Africa and the Asean region.

India's merchandise exports are expected to continue with double digit growth in August on account of improving demand in markets such as Africa and the Asean region.

"It is in double digits," commerce secretary SR Rao said when asked about exports growth in August. In July, exports registered a growth rate of 11.64%, the most in nearly two years. They soared to $25.83 billion. The August figures are expected this week. Rao had earlier said the measures announced by the government to boost exports, including a hike in the rate of interest subsidy, would help shipments to grow in the coming months. In May and June, the overseas shipments were in the negative zone.

India's economic growth fell to a decade's low of 5% in the 2012-13 fiscal. The current account deficit touched a historic high of 4.8% of GDP in 2012-13, mainly on account of import of gold and petroleum products. In April-July this fiscal, exports grew by 1.72% to $98.2 billion. Imports too increased by 2.82% to $160.7 billion during the period.

When asked whether the government is considering reducing export duty on iron ore, Rao said the commerce ministry has floated a Cabinet note on the matter.

Ads by Google

More from Economy

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...