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New Delhi , March 12

EXPORTS during the first 11 months of the current fiscal (April to February) grew by a hefty 27 per cent at $70 billion as compared to the corresponding months of 2003-04 and are poised to overshoot $74 billion set for the fiscal 2004-05.

Indicating this here, the Union Commerce and Industry Minister Mr Kamal Nath said, "More than exchange rate variations, the significant increase in exports during the current financial year has been on account of the growing competitiveness of the Indian manufacturing sector and the vigorous export-led growth strategy followed by the Government for doubling India's share in global merchandise trade in the next five years," as spelt out in the New Foreign Trade Policy unveiled by the Government on August 31, 2004.

Though the complete components of foreign trade for exports and imports for February 2005 and the cumulative growth would be available only early next week, an official statement issued here said that in February 2005 alone, as per the latest available figure, exports are valued at $6.7 billion.

Even as this year's export growth is all set to exceed the target of 16 per cent over the previous year, the average annual growth of exports during the five-year period 1999-2004 has been 14.68 per cent.

Senior officials of the Commerce Ministry said that export targets have also been set for the next four years to reach $150 billion worth of exports by 2008-09 to double India's share in the global trade.

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