Exports Up 8% In May

Preliminary data reveals that the growth rate of exports rose to 8 per cent in May, Union commerce minister B B Ramaiah revealed to Business Standard yesterday. This marks a welcome recovery from April, when the growth rate plunged to -9.16 per cent.

Ramaiah said the commerce ministry would take all possible steps to ensure that the growth rate is sustained. Although a final decision is yet to be taken, the ministry is likely to fix $40 billion as the official exports target for 1997-98, he added.

The government had set a target of $38 billion for 1996-97, while actual exports during the year amounted to $33 billion.

A target of $40 billion