By IANS,
New Delhi : India’s exports rose 29.5 percent to $164.7 billion in the first three quarters of the current fiscal and it is likely to remain robust for the next two years, according to the Economic Survey for fiscal 2010-11.
“India’s cumulative export growth in April-December 2010 stood at 29.5 percent with cumulative exports reaching $164.7 billion,” said the survey tabled in the Lok Sabha by Finance Minister Pranab Mukherjee Friday.
Current indications are that India will not only achieve the target of $200 billion but surpass it in 2010-11, it said.
India’s imports grew 19 percent in April-December.
On foreign trade, the survey points out that the US, which used to be India’s top trading partner till 2007-08, had been relegated to the third position now.
The United Arab Emirates (UAE) has emerged as the top trading partner of India followed by China.
Export-import ratios show that among its top 15 trading partners, India has bilateral trade surplus with the UAE, the US, Singapore, Britain and Hong Kong.
According to the survey, trade policy measures taken by the government and the Reserve Bank of India (RBI) in 2009-10 and 2010-11 focused on reviving exports and export-related employment besides mitigating inflation.
“The government followed a mix of policy measures including fiscal incentives, institutional changes, procedural rationalisation, enhanced market access across the world, and diversification of export markets,” it said.