Exports upbeat, a little

Exports grew less than 1 percent in August after a massive fall in
July, amid a growth target of 13 percent set for the current fiscal
year. The country earned $1.4 billion in August, posting a 0.71
percent growth compared to the same period last fiscal year,
according to provisional statistics of the government's Export
Promotion Bureau (EPB). Though the growth is trifling, government
officials termed it a sign of resilience of the country's export
sector against the backdrop of a 19.4 percent nosedive of Indian
exports in August. "It's significant that we could post a positive
growth in August though many countries have marked sharp decline in
export earnings," said an EPB official preferring not to be named. He
also expected that it would be possible to hit the current fiscal
year's export target since the global economy is now showing a sign
of recovery, which would create new demands in the international
market. The government has set a $17.59 billion export target for the
current fiscal year, with a 13 percent growth rate compared to the
previous year's income of $15.8 billion. However, the combined export
earnings for the months of July and August show a 3.37 percent fall
in earnings compared to the same period last year. During the
two-month period the export sector fetched $2.8 billion, while the
amount was $2.9 billon last year, according to EPB. In July the
country earned $1.44 billion, which was a 6.80 percent slip
compared to the same period last year when $1.54 billion rolled in
through overseas shipment. "Export earnings in July came as a big fall
because earnings had shown a whopping 71 percent growth in the same
month of previous fiscal year," said the EPB official. He said full
disbursement of the government stimulus package, which is under way,
would revamp the export sector.