India's exports surged to record high growth in the fiscal year 2010/11, but uncertainty over the global economy and a ballooning import bill mean concerns persist over the trade deficit of one of the world's fastest-growing economies. India's merchandise exports rose an annual 37.5 percent to $246 billion in the last fiscal year that ended in March, the highest growth on record as demand soared for engineering goods, oil products and textiles, Trade Minister Anand Sharma said.
The government's target was $200 billion. India will aim for at least 25 percent export growth in the 2011/12 fiscal year which started in April, Sharma said, as the federal government hopes to double its merchandise exports within three years. "We have exceeded the target by 46 billion which is very encouraging," Sharma told reporters on Tuesday. India's exports in March were at $29.1 billion, the highest dollar figure on record. The surge in exports will go some way to ease concerns over the trade deficit, which has been under pressure from a ballooning import bill for oil and industrial equipment to feed an economy seen growing at about 9 percent this fiscal year.
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