Ever since the sub-prime mess in the US has come to the fore, markets across the globe have fallen by at least around 10%. India has been no exception to this, despite the fact that the crisis is unlikely to have any major repurcussions here immediately. In a market sell-off of this magnitude, nothing is spared and mutual funds, which had been enjoying the benefit of a steadily rising market,...
New Delhi: India’s merchandise exports rose by 21.3% to $18 billion in October over the corresponding period a year ago, raising hope that the country may be able to achieve the $200 billion target set for the current fiscal year.
Imports during the period grew by 6.8% to $27.68 billion, leaving a trade deficit of $9.72 billion, according to data from the Ministry of Commerce issued today, reports PTI. The export target of $200 billion was announced in the Foreign Trade Policy in August last year.
The rate of expansion in exports has outpaced the growth of imports growth for the first time in the past three-four years. Exports in October last year were valued at $14.8 billion, whereas imports totalled $25.9 billion.
The growth in overseas shipments is attributed to improved demand in the US and the European Union, and an increase in exports to African and Latin American countries. The country is likely to close the year with an import-export gap of about $125 billion, according to a commerce ministry official.
For the first seven months (from April to October) too, exports grew at a faster pace of 26.8% to $121.3 billion against a 26% growth in imports to $194.1 billion. All big-ticket items like engineering goods, gems and jewellery, chemicals and petroleum products registered positive growth in this period. But exports of tea, tobacco, cashew and handicrafts declined.
Oil imports and non-oil imports in October grew by 0.3% to $8.41 billion and by 9.9% to $19.27 billion, respectively. In the period April to October this year, oil and non-oil imports grew by 24.6% to $57.12 billion and by 26.7% to $137.04 billion, respectively.
Are these options really worth it?
You realise the importance of having health insurance in times of rising medical bills and expensive new forms of treatments; then you get the cover of a health insurance policy for yourself and your family—only to find that the insured amount is insufficient. You could also be faced with a tricky situation in case the expenses for hospitalisation go beyond...