Despite the deceleration in export growth, the target of one per cent share of global merchandise trade by 2007 now appears unduly conservative and will be attained ahead of schedule. Perhaps the country is not yet adjusted to the idea of good news. Why else have interest rate cuts on rupee export credit been recently extended by another six months to April 2004 Perhaps more significant than export growth is the dollar import growth of 21.42 per cent during April-September. This has been driven by non-oil import growth of 28.02 per cent, signifying revival in industrial growth and perhaps of investments, not to forget the cheaper dollar. Oil imports have only increased by 6.34 per cent. There is no balance of payments management issue here, not with forex reserves inching towards $92 billion. The current account surplus of 2002-03 is unlikely to change into a deficit in 2003-04, notwithstanding the deficit RBI figures show in the first quarter of 2003-04. Since net invisibles continue to increase, at worst the current account surplus may be whittled down in 2003-04. Instead of being an unmitigated disaster, this should indeed be welcome.