News from The Hindu, Press Release from Ministry of Commerce and Industry.
Nothing to do with the new commerce minister Kamalnath. The exports have registered a growth of 19.95% in April 2004 (US$ 5.01 billion) compared to April 2003 (US$ 4.18 billion). However, the same is only 11.23% in rupee terms, as the rupee appreciated heavily with respect to the US dollar over this period.
Imports have also risen by 20.78% in this same period. It was US$ 6.75 billion in April 2004 and US$ 5.59 billion in April 2003. Of this, the main outflow was in purchasing oil from outside. The oil imports came to US$ 2.20 billion in April 2004 compared to US$ 1.45 billion in April 2003. This must be due to both a higher intake (a sign of growing economy) and the price increase.
Trade deficit for the month of April 2004 was US$ 1.74 billion. (In April 2003 it was US$ 1.41 billion.)
India will have to seriously look at home grown energy needs.
We also have to look forward to the exim policy from the new Commerce Minister.