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Exports surge 20%; core sector grows 9%
May 25, 2004 19:27 IST
The new Congress-led government under the economist-turned-politician Manmohan Singh got a shot in the arm with exports surging up by almost 20 per cent and infrastructure growth doubling to 9 per cent in April, the first month of this fiscal.
India's exports started on a positive note with a 19.95 per cent rise at $5.01 billion in April, from $4.18 billion a year ago.
"The significant factor is that exports in all sectors has shown an increase in April, which augurs well for the economy," trade analysts said.
The country's imports rose by 20.78 per cent at $6.75 billion as against $5.59 billion in April 2003.
The new Commerce Minister Kamal Nath has already indicated that the government would streamline procedures and encourage foreign direct investment especially in export-oriented units and special economic zones in a bid to maintain double-digit growth and capture 1 per cent global trade aggregating $80 billion by 2006-07.
He said the new Exim Policy, that will be unveiled by June end or July, will make the policy regime export-friendly and give thrust to agri exports, which would also help in generating employment.
Another positive development for the new government was the infrastructure growth, which doubled to 9 per cent in April 2004 buoyed up by impressive performances of cement, electricity, petroleum refinery and crude sectors.