Facing a mounting trade deficit — which reached a 23-month high at $13.06 billion in August — commerce officials are confident that India's growth of imports over exports can been financed despite projections of further slowdown in outgoing trade. Exports grew by 22.5 per cent to $16.64 billion in August while imports jumped by 32.2 per cent to $29.7 billion, said Commerce Secretary Rahul Khullar.
“Export growth is relatively slow, well below the level of 2009. From next month onwards hopefully, you should see growth at the level of 2008,” Khullar told reporters here today, while mentioning that deficit projections for the fiscal — including goods and services — could amount to $135 billion. “That ($135 billion) is much higher than we ever had it before. It is therefore naturally a matter of concern, but I don't think the deficit is a serious problem still. It can be financed.”
Source... http://www.indianexpress.com/news/Aug-exports-up-22-5---trade-deficit-widens-to--13-06-bn/682176
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