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India's exports up 13.47 percent in October,IT GROWTH RATE :12-14% IN FY14

neehar

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NEW DELHI: India's exports rose by 13.47 percent to $ 27.27 billion in October while imports dipped by 14.5 percent, helping narrow the trade deficit.

Imports stood at USD 37.8 billion, leaving a trade deficit of USD 10.56 billion as against USD 20.2 billion in October 2012, official data showed.

"This is a consistent growth in exports...The US is doing extremely well and Europe is also doing well," Commerce Secretary S R Rao told reporters here.

Gold and silver imports in october dipped to USD 1.3 billion from USD 6.8 billion in the same period last year.

In April-October, exports grew by 6.32 per cent to USD 179.38 billion, while imports during the period contracted by 3.8 per cent to USD 270.06 billion.

Rao expressed confidence that the country would achieve the USD 325 billion target for the current fiscal.

in other news


Indian IT exports to grow 12-14% in FY’14: Nasscom



Indian IT outsourcing sector’s exports are expected to grow by 12-14 per cent in the financial year starting April 2013, an optimistic estimate, while it would meet estimates this year.

The sector is expected to clock revenues of $84-87 billion in the current financial year on the rising global technology spends, according to industry body National Association of Software and Services Companies (Nasscom).

DOMESTIC REVENUES
Domestic revenues are expected to grow at 13-15 per cent to reach Rs 1.18 lakh crore to 1.20 lakh crore, the industry body said in its ‘Strategic Review 2013’, adding that a rise in global technology spending and opportunities from adoption of disruptive technologies would propel growth in FY14.

In FY14, the industry expects to hire “more or less” the same numbers recruited during the year. The sector employed three million professionals and added more than 1.8 lakh personnel in FY13.

GROWTH DRIVERS
“Every process is getting re-imagined, and this is a tremendous opportunity in terms of products, in terms of processes and in terms of practices… This will only explode as we look at FY14 and beyond,” Nasscom Chairman N. Chandrasekaran said.

“The increase in IT spending will continue for the foreseeable time, with technologies such as social media, mobility, analytics and cloud fuelling growth,” Chandrasekaran, who is also the Chief Executive Officer and Managing Director at Tata Consultancy Services, said.

Smart computing, ‘anything’-as-a-service, technology enablement in emerging verticals and the small and medium business market are expected to open new opportunities for the industry.

“All the metrics are positive,” Nasscom President Som Mittal said. Indian IT services is a $50-billion sector, business process management (BPM) a $20-billion and engineering crossed $10 billion, while software products, Internet and mobility are emerging opportunities.

“Technology can also play a critical role in enabling transformation in India and add to India’s Gross Domestic Product. The domestic market in India is maturing, it was the fastest growing market in the year and Nasscom will look to partner with the Government in enhancing technology adoption in the country,” Mittal said.

MEETS FY13 ESTIMATES
For the fiscal ending March, the industry is expected to clock export revenues of $75.8 billion with a year-on-year (YoY) growth rate of 10.2 per cent on fluctuating dollar terms. While on a constant currency basis, it would be at 10.9 per cent.

“This growth is despite the challenges in the global market, including a slowdown in key markets such as the US and Europe,” Mittal said.

In February, Nasscom had estimated the industry to grow at 11-14 per cent, and in November reaffirmed growth at the lower end of the projections.

Domestic market also witnessed a growth rate of 14.1 per cent on YoY basis, increasing the domestic revenues to Rs 1,04,700 crore.

While the first $100-billion landmark can be attributed to the cost and quality advantage, the next $100 billion will be a combination of higher-value services and increasing non-linear growth, Nasscom said in a statement.

“To sustain this growth, Indian IT-BPM industry is focusing on greater efficiencies, verticalised structures, geographical presence, IP based solutions, domain and increased collaboration across all stakeholders,” it said.
India's exports up 13.47 percent in October - The Economic Times

Indian IT exports to grow 12-14% in FY’14: Nasscom | Business Line
 
and thats a very good news. Still lots of works to do.
 
Can we trust the numbers coming out of India?
fortunately out govts are not very well experienced with changing the numbers or else our growth rate for the last fiscal would have been over 7%.besides the IT growth rate is fore casted by NASSCOM an association of software industries not the govt..
 
Its a two way good news.
Exports rose by 13.5%.
Imports dipped by 14.5%.
 
Its a two way good news.
Exports rose by 13.5%.
Imports dipped by 14.5%.
it is.also gold imports dipped from $6.8 billion to $1.3 billion..and the cost of oil is more or less decreased compared to last year is more or less same 
mining is a great problem in India especially the land acquisition part.and enoug resources has to be created to encourage research in manufacturing.and red tape must be decreased in the procedures.
 
Why get emotional? Was just asking a question.

In all honesty, not sure if trolling.

But Indian numbers can mostly be trusted, i.e there is no real effort to hide true numbers. Which is why you'll see terrible numbers for things like poverty, malnutrition etc and also why you can trust growth numbers when they come.
 

We know we have corruption, but you know India has far worse corruption than China.

So as bad as it in China, it's only logical to assume India cooks its books far worse than we do.

India also has elections which means they will cook the books even worse than our local provinces in order to win elections.

I don't deny our stats are 100% accurate. If our stats are say 70% accurate, then Indian stats are only about 40% accurate.

If the Indian economy is growing so fast, how did it experience a massive currency collapse?
Growing economies have strong currencies, only shrinking economies have collapsing currencies like Iran, Argentina, Zimbabwe.

Since India was supposedly growing at 8% for 10 years but had a currency collapse, it makes people wonder whether these Indian growth figures were just made up.

I'm highly skeptical of all countries economic numbers but I'm far more skeptical of Indian figures. Indians have a bad habit of boasting so these 8% growth figures could be just another case of boasting.
 
We know we have corruption, but you know India has far higher corruption than China.

So as bad as it in China, it's only logical to assume India cooks its books far worse than we do.

India also has elections which means they will cook the books even worse than our local provinces.

I don't deny our stats are 100% accurate. If our stats are 70% accurate, then Indian stats are only 40% accurate.

If the Indian economy is growing so fast, how did it experience a massive currency collapse?
Growing economies have strong currencies, only shrinking economies have collapsing currencies like India, Iran, Argentina, Zimbabwe.

Since India was supposedly growing at 8% for 10 years but had a currency collapse, it makes people wonder whether these Indian growth figures were just made up.

I'm highly skeptical of all countries economic numbers but I'm far more skeptical of Indian figures. Indians have a bad habit of boasting so these 8% growth figures could be just another case of boasting.

India has far more corruption than China: Yes, definitely.

Indian stats are not 100% accurate: Yes, definitely

Indian stats are less reliable than Chinese stats: Lol, no.
 
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