GOVERNMENT OF INDIA
MINISTRY OF COMMERCE AND INDUSTRY
STARRED QUESTION NO-401
ANSWERED ON-21.12.2011
a) whether it is a fact that the country''s trade deficit has increased to a four year high;
b) if so, the details thereof; and
c) the steps/measures taken by Government to contain the trade deficit?
ANSWER
MINISTER OF COMMERCE AND INDUSTRY
(SHRI ANAND SHARMA)
a) to c): A Statement is laid on the Table of the House.
ANNEXURE
STATEMENT REFERRED TO IN REPLY TO PARTS (a) TO (c) OF RAJYA SABHA STARRED QUESTION NO. 401 FOR ANSWER ON 21ST DECEMBER 2011 REGARDING “INCREASE IN TRADE DEFICIT”(a)Yes Sir.
(b)The details of the country’s trade deficit for the last four years and the current year are as under:
Year
|
Export
|
Import
|
Trade deficit
|
2007-08
|
163
|
252
|
89
|
2008-09
|
185
|
304
|
119
|
2009-10
|
179
|
288
|
109
|
2010-11
|
251
|
370
|
119
|
2011-12 (April – November)
Provisional
|
193
|
310
|
117
|
The Trade Deficit for the 8 month periods April-November has been the highest compared to the corresponding periods in the last 3 years.
(c) The rate of growth of exports for 2009-10 has been -3.5% and for 2010-11 it has been 40.4%. For the period April-November, 2011 the growth rate has been 33.2% which is quite robust. However, imports have also been growing both because of higher prices of importables and increased demand. The prices of petroleum, fertilizers, gold, edible oil, gems & jewellery have increased. Their demand also has increased. These lead to a higher value of imports. Despite a very challenging global environment, measures taken by Government have not only arrested the decline of export, it has also been successful in reversing it. Anticipating that the situation is likely to be adverse, Government had announced a package on 13th October, 2011. In addition a strategy paper to double our exports by 2013-14 was released in May 2011. Earlier measures taken by the Government and RBI include the announcements made in the Budget 2009-10 and 2010-11; in the Foreign Trade Policy (FTP) 2009-14; thereafter in January / March 2010; in the Annual Supplement to FTP released on 23rd August, 2010; and in announcements made in February, 2011. To increase our share in various export markets and to diversify our market and products, incentives have been provided under schemes viz. Focus Product Scheme, Focus Market Scheme, Market linked Focus Product Scheme and Vishesh Krishi and Gram Udyog Yojana.
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