India revises targets due to higher exports

India revises targets due to higher exports

The Indian Ministry of Commerce and Industry announced that the country's exports blew by the 16% growth target to hit $74 billion, a 24% year on year increase for the 2004-05 fiscal year. The country hopes to exceed $150 billion in exports by the end of the 2009 fiscal year. The higher-than-expected growth also led the Ministry to increase the 05-06 fiscal year export targets from $88 billion to $92 billion. On the other side, the country's imports increased 34% to $105 billion in the 04-05 fiscal year. The country's foreign trade balance for the period amounted to a $25 billion deficit, due in great part to oil imports in excess of $29 billion. The Ministry also announced several initiatives aimed at simplifying export procedures.