Beating the clouded European economy, the Indian economic juggernaut is on its way to reach another landmark. As per reports, exports grew by 46.4% to $29.2 billion year-on-year during June, thereby reinforcing India’s growth momentum. Further, the imports were reported to have notched up by 42.4 % to $36.9 billion in the same period. The only respite was that the trade deficit of $7.7 billion was almost half of $14.9 billion in May, asserting that balance of payments are not in that bad condition.

Confirming the reports, Commerce and Industry Minister Anand Sharma revealed that during the same period, engineering faced growth by 94%, gems & jewellery by 19%, petroleum & oil products by 60%, manmade yarn & made-ups by 30%, electronics by 69%, marine products by 27%, and leather by 26 %.

Cautioning about the markets in the US and Europe, Commerce Secretary Rahul Khullar claimed that owing to the ban on exports of iron ore, fruits & vegetables and tobacco , loss was faced during the same period. Though impressed with the report of engineering goods, “Almost all the sectors have performed very well in the first quarter”, added Khullar.

Moreover, the government is aimed to double the exports to $500 billion by 2013-14.