Exports Lead India Growth Revival

Also, the country's trade deficit came down significantly in the second half of the year helped by higher exports and lower imports.

The trade deficit, difference between exports and imports, declined to $6.8 billion in September from the high of $20.1 billion registered in May.

For the first eight months of the current financial year, the deficit declined to $99.9 billion from $129.2 billion recorded in the corresponding period of last year.

Ahmed said the deficit is expected to remain in the range of $140-150 billion for the financial year ending March 2014 as compared to $190.90 billion registered in the previous year.

"The first eight months of this fiscal has witnessed a nearly 23 percent decline in the cumulative trade deficit, which will considerably ease the pressure on the current account deficit and in turn make the rupee more stable," said FICCI President Naina Lal Kidwai.

The value of India's merchandise exports was $203.98 billion in the April-November period of 2013, as compared to $191.95 billion in the corresponding period last year, registering a year-on-year growth of 6.27 percent.

However, imports in the first eight months of the current fiscal declined by 5.39 percent to $303.89 billion as compared to $321.19 billion recorded in the same period last year.

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