Indian exports achieve 17.3 percent growth in 2003-04

Monday, 19 April 2004, 19:30 IST
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NEW DELHI: Indian exports grew by 17.3 percent in the fiscal year ended March 31, 2004 over the previous year, bettering the government's target of 12 percent, said an official statement issued Saturday. The statement said exports during 2003-04 are valued at a whopping $61.85 billion, up from $52.74 billion logged in the fiscal year ended March 31, 2003 despite a significant rise in the value of the Indian rupee against the US dollar. The appreciation in the Indian rupee in the last one-year had caused jitters in the exporting community with companies expressing concern about their earnings and competitiveness. The Indian currency has appreciated by nearly four percent in the current calendar year after rising over five percent last year on strong foreign fund inflows. Foreign investors have increased allocation in the local stock market in the last few months on hopes that the Indian economy would see a sharp rebound in the current fiscal. India is set to be one of the fastest-growing economies this year, perhaps surpassed only by China. India's October-December gross domestic product increased 8.4 percent from its previous year's level. The latest export figures is expected to bring cheers to the ruling National Democratic Alliance (NDA) government, which is hard-selling its economic achievements to get re-elected in the upcoming parliamentary election. Indian general election will be held in five phases, beginning Tuesday and ending May 10. The government said last month that the Asia's third-largest economy grew by scorching pace of 10.4 percent in the October-December quarter of the fiscal year 2003-04. According to the official statement, exports during March 2004 are valued at $7.30 billion, which is 42 percent higher than the level of $5.15 billion logged in the same period of 2003. India's imports during fiscal year 2003-04 grew to $75.20 billion, representing an increase of 25 percent over the level of $60.18 billion in the previous year. Oil imports during 2003-04 are valued at $20.17 billion, which is 14.3 percent higher than $17.64 billion logged in the previous fiscal year.
Source: IANS
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