India, Exports To Save The Wave Of Growth 2010-1911

India's exports reached a record growth of 37.6 percent for fiscal year 2010-11, the government said in a statement Monday that the increased demand for engineering products, petroleum products and stone precious produced the third largest economy in Asia.

Exports were 245.9 billion for the year, well above the government's initial target of 200 billion dollars, while imports rose 22 percent to 351 million dollars. The trade deficit was 104.8 billion, slightly higher than the provisional estimate of 104.4 million dollars.

The government had released preliminary data for mid-April, reports Reuters.

India aims least 25 percent growth in exports this fiscal year, but uncertainty about the global economy and a balloon means import bill is still concern about the trade deficit one of the most dynamic economies in the world.

monthly exports from India have scored double-digit growth during much of last year, the renewed demand for traditional export destinations - the United States and Europe, which had fallen sharply after the financial crisis. India's exporters have also enjoyed strong growth in new markets, including Latin America.

The Ministry of Commerce has raised "serious concern" at the beginning of the year on the trade deficit, which is set to balloon to 278.5 million U.S. dollars in 2014 if current trends, a 20-fold increase over a decade of $ 14.3 million 2004.

2010-11 fiscal year for oil imports rose 16.7 percent to 102 billion dollars.

India, exports in March rose 43.9 percent to 29.1 billion dollars while imports rose 17.3 percent to 34.7 million. The trade deficit was $ 5.6 million for the month, while oil imports rose 8.2 percent to $ 9.4 million.

The trade deficit, which reached a high of 23 months in August, later, moderate on the back of stronger than expected exports. This helped to reduce the current account deficit in the quarter through December to less than 2.5 percent of gross domestic product (GDP) of less than 4.3 percent the previous quarter.

Commerce Secretary Rahul Khullar, said in April that the current account deficit for 2010/11 is completed within 3 percent of GDP in India. However, he was reluctant to predict the trade deficit and current account deficit for the year ending March 2012.