Buoyant over country’s growing exports, India Inc has said that the turnaround in exports was mainly on account of recovery witnessed in US and European economies. Indian exports rose for the fourth straight month at a double-digit pace by 13.47% at $27.27 billion in October from a year earlier. FICCI President Naina Lal Kidwai, said that steady rise in exports augurs well for the economy and the growing exports reflect the dynamism of Indian exporters as well as the impact of proactive support from the Government.
Assocham Secretary General D S Rawat said that significant double-digit growth in country’s exports and a sharp contraction witnessed in imports over the past few months have receded the worries over widening current account deficits of the country. India’s overall imports fell by 14.5 % to $37.8 billion in the month of October as compared to the same month last year. However, India’s trade deficit widened to $10.56 billion in the month of October as against $6.7 billion in the previous month on account of high gold imports ahead of festival seasons.
Chairman of engineering export body EEPC India Anupam Shah, said that although the Indian exports showing a steady rising trend, the growth can be sustained and improved in future by further making Indian products competitive in the global market. Further, industry bodies have expressed need to restore duty drawback rates in order to bring down the trade deficit to significant levels. Duty drawback is the refund of duties on inputs imported for export items and decline in these rates will help in gaining and maintaining India's share in the global market.
