By IANS,
New Delhi: India’s merchandise exports grew 34.8 percent to $16.09 billion (Rs.72,400 crore) for the fourth consecutive month in February following revival of economies in developed countries.
The rise for the fourth straight month in February comes after 13 successive months of decline since October 2008 on account of the global meltdown.
However, exports during the April-February period declined by 11 percent to Rs.6,88,500 crore ($153 billion) from Rs.7,74,000 crore ($172 billion) in the same period last fiscal, commerce and industry minister Anand Sharma said Wednesday, unveiling of a comprehensive policy document on foreign direct investment.
According to the minister, exports are expected to grow 15 to 20 percent in the 2010-11 fiscal.
Imports rose 66.1 percent to Rs.1,15,200 crore ($25.06 billion) in February against Rs.67,800 crore ($15.08 billion) in the corresponding month in the last fiscal. “It shows that the economy is picking up,” said Sharma.
Cumulative exports in February showed a decline of 13.5 percent to Rs.11,16000 crore ($248 billion) compared to Rs.12,91,500 crore ($287 billion) in the first 11 months of last fiscal.
On the other hand, the net FDI inflow during April-February this fiscal was Rs.1,11,000 crore ($24.68 billion) against Rs.1,14,200 crore ($25.39 billion) during the corresponding period in last fiscal.