Exports grow highest in 33 months in Dec

NEW DELHI: India's exports showed a "remarkable" annual growth of 36.4 per cent, highest in the last 33 months, with consignments in December 2010 raising prospects of the country exporting $215-225 billion worth of merchandise in the current fiscal.

Exports in December aggregated $22.5 billion, while imports contracted by 11.1 per cent to $25.1 billion, resulting in a narrow trade deficit of $2.6 billion, the lowest in three years.

"The US markets have been (doing) pretty good, even EU markets are good," commerce secretary Rahul Khullar said here while giving the trade figures.

A "remarkable job by exports" was also attributed to diversification of India's export markets. For instance, 112 per cent rise in engineering exports was helped much by orders from Latin American countries like Columbia, he said.

Khullar said thanks to lowering of trade deficit, India's worries on overall current account deficit would be abated. The overall trade gap may not be more than $120 billion for this year, against earlier apprehensions of $130-135 billion.

The government had set an export target of $200 billion for 2010-11.

"It is quite clear that the Indian exports are on a rebound," said Rakesh Mohan Joshi of Indian Institute of Foreign Trade (IIFT).

In December, the exporting sectors registered higher growth, which includes engineering (112 per cent), electronics (88 per cent), man made fibres (30 per cent), yarns (65 per cent) and drugs (810 per cent).

Read more: Exports grow highest in 33 months in Dec - The Times of India http://timesofindia.indiatimes.com/business/india-business/Exports-grow-highest-in-33-months-in-Dec/articleshow/7241899.cms#ixzz1ARYYkTMF

Pak arrests 10 India fishermen

AHMEDABAD: The Pakistani Marine Security agency has arrested ten Gujarat fishermen and have seized four fishing boats from Jakhau on the west coast of Kutch district, a National Fish Forum official said today.

"The Pakistani agency arrested the fishermen on Friday and seized four fishing boats belonging to Porbandar," National Fish Forum secretary Manish Lodhari said.

The four fishing boats -- Raj Rajeshwari, Hari Prasad, Raj Mukat and Vinayak -- seized by the agency have been taken away to Karachi, he claimed.

The agency had arrested 28 people on board five vessels, but after interrogations released 18 of them along with a boat, Lodhari said.

Read more: Pak arrests 10 India fishermen - The Times of India http://timesofindia.indiatimes.com/india/Pak-arrests-10-India-fishermen/articleshow/7241737.cms#ixzz1ARXcLn9z

Indian economy to grow at 9-10 pc from next fiscal: PM

New Delhi, Jan 8 (PTI) Prime Minister Manmohan Singh today said the Indian economy would record 8.5 per cent growth during the current fiscal and is expected to grow at the rate of 9 to 10 per cent from the next financial year despite the "uncertain" global scenario.

Addressing the 9th Pravasi Bharatiya Divas here, he said high growth rate was vital to fund ambitious social development schemes.

"Despite the uncertain global economic scenario, I am happy that our economic recovery is progressing well," Singh told the congregation of about 1,500 members of the Indian diaspora who have converged here from across the world for the three-day annual event.

"In the last two quarters, our growth rate has been 8.9 per cent and we expect that for the entire year, it will be around 8.