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India | |  |
The IMF noted that the Indian economy is continuing to reap the rewards
of more than 15 years of reforms. Notwithstanding high world oil prices
and a weak monsoon, the economy showed remarkable resilience in 2004-05,
with growth remaining robust and becoming broader-based. These trends
have continued in 2005-06, and growth of more than 7˝ percent for the
full year is expected. The IMF is supportive of the broad objectives of
the government's economic program, in particular addressing infrastructure
bottlenecks, alleviating rural poverty, and deepening global integration.
They noted that current favourable economic conditions provide a good
opportunity to speed structural reforms. In particular, measures to improve
the business climate and reform labour laws would have a large pay-off
by fostering private and foreign investment and job creation. According
to the IMF, with an acceleration of the reform process India would be
able to achieve sustained economic growth of 8-10 percent, in line
with the objectives of the authorities.
Sources: People’s Republic of China: 2006 Article IV Consultation, IMF,
October 2006, India: 2006 Article IV Consultation, IMF, February 2006.
Trade: Exports (FY 2006-2007)--$127 billion;
engineering goods, petroleum products, precious stones, cotton apparel
and fabrics, gems and jewelry, handicrafts, tea.
Software exports--$22 billion.
Imports (FY 2006-2007)--$192 billion; petroleum, machinery and transport
equipment, electronic goods, edible oils, fertilizers, chemicals, gold,
textiles, iron and steel. Major trade partners--U.S., China, EU, Russia, Japan
Exporters: Computer hardware & software:
Equal Communications , Mumbai, India
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