Mumbai, September 15: Exports grew by an annual 22.5 per cent to USD 16.64 billion in August on improved global demand for Indian merchandise, giving policy makers confidence about achieving the USD 200 billion target for the fiscal.
Imports jumped at a higher pace of 32.2 per cent to USD 29.7 billion in August, leaving a trade deficit of USD 13.06 billion, which is a cause for worry.
“Things are going so far according to our plan and we should be able to reach over exports target of USD 200 billion,” Commerce Secretary Rahul Khullar told reporters here.
Expressing optimism, exporters body FIEO said that with this growth rate, exports would even surpass the USD 200 billion target and reach USD 210 billion.
Meanwhile, industry reported a 13.8 per cent growth in July, beating by a wide margin the market estimates of a single digit growth.
—Agencies