Batting for exporters hit hard by global downturn, Commerce and Industry Minister Anand Sharma on Monday met Finance Minister Pranab Mukherjee and made out a strong case for fiscal relief for the export sector in the Budget next month.
Imports, too, jumped by 32.2 per cent year-on-year to $29.67 billion in August, according to the government data released in New Delhi on Friday.
The country's exports, which came under severe pressure due to the global slowdown after October 2008, had aggregated a shade lower than $13 billion in January 2009.
Exports grew by 22.5 per cent to $16.64 billion in August compared to the same period last fiscal, a senior Commerce Ministry official said on Wednesday.
India's exports turned around in November after falling for 13 straight months, posting a growth of 18 per cent to touch $13.2 billion, but the expansion was attributed to base effect.
The Union government on Friday said it intended to lift the ban on export of cotton, imposed last month in the wake of a steel rise in prices, from October 1.
India's exports remained robust, as overseas shipments expanded by 35.1 per cent to $16.1 billion in May on the back of improving demand in western markets.
Citing "serious fiscal situation", Union Commerce Secretary Rahul Khullar said that no new incentives and sops could be provided to exporters in the next fiscal in view of significant resource crunch faced by Centre.
India's imports surged by a never-seen-before $8 billion in April, indicating the rapid pace of domestic economic activity, even as the government downplayed the 36.2 per cent jump in exports.
"The 46th meeting of the BoA on SEZs to consider proposals for setting up of SEZs and other miscellaneous requests is scheduled to be held on May 31," it said.
India's exports grew by an annualised 34.4 per cent to $ 23.9 billion in April maintaining a tempo of the last financial year despite a decline as compared to 44 per cent growth in March.
India's exports have declined by 13.8 per cent to $13.6 billion in September, says Commerce Secretary Rahul Khullar.
In April-August this fiscal, the overseas shipment contracted by 31.3 per cent to $63.9 billion from $93.1 billion in the same period last year. For the first five month of 2009-10, three sectors -- rice, tobacco and fruits and vegetables --have shown positive growth, commerce secretary Rahul Khullar said.
The ban on export of wheat and rice may be eased only after the government fulfills the election promise of providing 25 kg of staple food to poor families at Rs 3 a kg, Commerce Secretary Rahul Khullar said.
India's exports grew by a healthy 30.4 per cent in June to $17.75 billion, Commerce Secretary Rahul Khullar said here on Monday.
'Mere fundamentals will not do the trick,' cautions former commerce secretary Rahul Khullar.
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