There is some good news from the trading side as the export figures of India begin to improve. As per the information given by Rahul Khullar, Commerce Secretary India's exports grew by a healthy 30.4 per cent for the month of June.

In real term it stood at $17.75 billion which is much higher than for the same month last year.

At that time the figure was at $12.81 per cent which meant that it had shrunk by 27.7 per cent. This was clearly the impact of the global meltdown but it must be considered that the same has taken a big U-turn.

During the same period, imports increased by 23 per cent to end at $28.3 billion. Keeping the import in mind the trade deficit was at $10.55 billion.

Talking to media, Rahul said, "It is good news but still not great news." He further added that while the exports have not reached the per-recessionary levels, with this kind of rate it will not be long before it finally does so.

During June, 2008 the total exports were at $19.2 billion.