to $318.7 billion during April-November 2012 and the rising demand for petroleum products was distressing.
“Though the speed of decline is lower than before, it is no reason to be complacent. Global growth is weak and we can’t buck the trend. We will have to endure it for some more time,” explained Dharmakirti Joshi, chief economist at Crisil.
Oil imports in November increased 16.7 % year-on-year to $14.5 billion while non-oil imports grew 1.5% to $ 27 billion.
Said Biswajit Dhar, director general, Research and Information System for Developing Countries: “The government needs to give confidence to exporters and sops alone will not deliver. We need to look at more fundamental issues by identifying the infrastructural bottlenecks and reducing the transaction costs by streamlining procedures.”
Analysts noted that the government also needs to work on short-term and medium-term plans by engaging with exporters and iron out the infrastructural and institutional issues as these are getting reflected on the industrial production numbers as well.
“The situation in the US and EU has not changed much and the contraction still continues. In April-September, overall exports have declined by 10% compared to same period of previous year. The decline was quite fierce for the EU by 20% and the US by 8%. Combined US and EU exports have declined by almost 16% as compared to previous years,” said Apparel Export Promotion Council. chairman A Sakthivel.