Exports Lead India Growth Revival

Monday, 30 December 2013, 04:30 Hrs
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New Delhi: Indian shipments logged double-digit growth in the second half of 2013, lowering substantially the current account deficit, a big worry for the Indian policymakers, and boosted hopes of revival in the economy.

Due to sluggishness in the global economy, notably Europe and the US, India's merchandise exports growth was mostly in the negative zone in the first half the year.

However, since July it has seen a significant turnaround and registered a healthy double-digit growth, except in November, when the shipments were affected by strikes at ports.

In July, exports jumped 11.64 percent after declining by 4.56 percent In the previous month year-on-year.

The good show continued and the growth surged to a two-year high of 13.47 percent in October. A sharp depreciation in the value of the rupee during that time helped in growth in shipments, which helped the sluggish economy.

The country's gross domestic product (GDP) expanded by 4.8 percent in The July-September quarter as compared to 4.4 percent growth posted in the previous quarter.

"Indian exports is leading the economy from the front contributing to 70 percent of the growth of GDP in the July-September quarter," Federation of Indian Export Organisation (FIEO) president M. Rafeeque Ahmed told IANS.

Read More:

India To Be World's 3rd Largest Economy By 2028 After China, U.S.

India Among 10 Largest Coffee Consuming Countries

Source: IANS
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