New Delhi: India's exports recorded strongest growth in last 33 months. Exports grew by a significant 36.4 per cent on an annual basis – raising prospects that US$ 215 to US$ 225 billion worth of merchandise will be exported in 2010-11.
Furthermore, in December 2010, the exporting sectors registered higher growth, which includes engineering (112 per cent), electronics (88 per cent), man-made fibres (30 per cent), yarns (65 per cent) and drugs (810 per cent).
"The US markets have been (doing) pretty good, even EU markets are good," according to Mr Rahul Khullar, the Commerce Secretary. Mr Khullar further added that the "remarkable job by exports" was also attributed to the diversification of India's export markets. For instance, 112 per cent rise in engineering exports was helped much by orders from Latin American countries like Columbia.
The Government had set an export target of US$ 200 billion for 2010-11. "It is quite clear that the Indian exports are on a rebound," according to Rakesh Mohan Joshi, Indian Institute of Foreign Trade (IIFT).
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