News: India's exports cross $100 bn in 2005-06

(TNN 02/04/2006) New Delhi - India's exports have for the first time crossed the magical figure of $100 bn in 2005-06, which ended on Friday. Achieving a growth rate of about 25 per cent over last year, the country's exports have crossed the $100 bn mark in this financial year, said official sources.

The target for 2005-06 was set at $92 bn but commerce minister Kamal Nath had asked the exporters to run an extra mile and reach $100 bn mark.

With export growth rate slowing down to 12 per cent in February, there were fears that it may not touch $100 bn in 2005-06 ut exports picked up in the last month of the year, sources said, adding that detailed figures for imports and exports would be compiled in a few days.

Also, the February data did not capture the entire export in the month as last week's figures had not reached from Jawaharlal Nehru Port Trust, sources said.

At the end of February, India's exports stood at $88.7 bn and the country had a trade deficit of over $37 bn.

The government has set a target of achieving $150 bn exports by 2008-09 and double India's share in global trade to 1.5 per cent from 0.8 per cent at present.