Notwithstanding the global economic slump, finance minister Pranab Mukherjee has said that exports have grown significantly in the last few years.
“The development of India’s external trade in the first half of the current fiscal year has been encouraging,” he said in his Budget speech. “During April-January 2011-12, export grew by 23% to $243 billion (Rs 1,093,500 crore) while imports recorded a growth of over 29%at $391 billion (Rs 19,55,000 crore).”
According to the Economic Survey tabled in Parliament on Thursday, exports grew by 40.5% in the first half of the current fiscal year. However, it began to fall from October due to the euro zone crisis, before recovering back to 6.7% and 10.1% in December 2011 and January 2012, respectively.
“What is heartening is that India has successfully achieved the diversification of the export and import markets," Mukherjee said.
“This has helped us weather the impact of the dual crisis emanating from Europe and the US,” he added.
The share of Asia including the ASEAN (Association of Southeast Asian Nations) region, in India’s total trade basket has increased from 33.3% in 2000-01 to 57.3% in the first half of 2011-12. During the same period, the share of Europe and America fell from 42.5% to 30.8%.