Concerned over the widening current account deficit (CAD), President Pranab Mukherjee said that deficit can be brought down at sustainable levels only by increasing exports. The CAD, which occurs when a country's total imports of goods, services and transfers are greater than its exports, has reached an all-time high of 6.7 percent of GDP in the third quarter of FY13.
By adding further, the President said that a strong revival of the global economy is expected in 2014 and at a time when global demand is yet to firm up, there is a need to strengthen our export industry. To reduce dependence on imports, India has encouraged domestic manufacturing for inputs to export industry. The Government's initiative of diversification of export market has helped shipments grow despite the global financial crisis
The commodity export has increased, but there is a need to ensure the availability of enough food in the country. India's exports have increased from $17.9 billion in 1991-92 to $300.6 billion in 2012-13. The country is the largest rice exporter and second largest wheat exporter.
On India's economic growth, Mukherjee expressed confidence that India will bounce back to the high growth trajectory.