Shipment of gems and jewellery is likely to grow to $42 billion in the current fiscal because of higher demand from West and Southeast Asian markets.
The data showed imports grew by 49.07% to $37.88 billion in April.
For the entire last fiscal year (2016-17), exports saw a growth of 4.71 per cent to $274.64 billion as against $262.3 billion in 2015-16. SERVICES: As per RBI's Press Release dated 15th May2017, the trade balance in Services (i.e.net export of Services) for March, 2017 was estimated at US$ 5912 million. In this connection, it is mentioned that the global Brent prices ($/bbl) have increased by 25.4% in April 2017 vis-à-vis April 2016 as per World Bank commodity price data (The pink sheet), the Ministry said. Gold imports were up 211 percent on year-on-year basis while crude oil imports jumped 30 percent, YoY.
Recording a three-fold jump, India's gold imports rose to United States dollars 3.85 billion in April, mainly on account of Akshaya Tritiya.
While payments done by India for services import in March 2017 increased to United States dollars 8.27 billion, up 4.6 per cent from a year ago.
Gold import rose three-fold to $3.85 billion in April compared to $1.23 billion in the same month a year ago, led by restocking, as well as festive Akshaya Tritiya demand. He said increase in imports of oil and pearls and precious/semi-precious stones augur well for exports of petroleum products and gems and jewellery respectively as such imports are inputs for the exports.
Federation of Indian Export Organisations (FIEO), president, Ganesh Kr Gupta said that continuous and consecutive higher double digit growth in exports show Indian economy's robustness and capability to come out from the bad and challenging times.
He said petroleum exports which has a major contribution in the exports basket has once again contributed with a robust growth of over 48 per cent.
"However, we need to analyse the reasons for increasing electronic imports", he added.