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Diversification pays off in exports

May 03, 2011 | COMMENTS ( 0 )

Diversification pays off in exports

India's merchandise exports jumped 43.9 percent to $29.1 billion in March while it was up 37.5 percent at $245.9 billion for 2010-11, beating the official target of $200 billion, according to data released Monday.

The FIEO president said, engineering, chemicals, including pharmaceuticals, and gems and jewellery would be the important sectors of exports, which will be supplemented by traditional sectors.

According to a report, exports of engineering goods recorded the sharpest growth in 2010-11. This surged 84.76 percent to $60 billion. Export of petroleum products rose 50.58 percent to $42.45 billion.

The gems and jewellery sector saw exports of $33.54 billion, a growth of 15.34 percent over the previous year.

Deora raised his concern over the increasing cost of credit and infrastructural bottlenecks, which may have a bearing on Indian exports in the next couple of years. He said the trade deficit is within manageable limits and it is expected to be between $105 billion and $110 billion.

The FIEO chief said exports in 2011-12 would cross $300 billion and his export target of $500 billion by 2014-15 is within reach.

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