November 2017 data repels fears that GST could impair exports growth
The month registered a growth of 12.01 per cent - again an unseen growth level in the corresponding periods over the past five years.
Exports growth in the month of November 2017 reached an all-time high of 30.6 per cent, as per the data available since December 2012.This is not all as on a cumulative basis between April -November 2017, exports stood at USD 1, 96,482.31 million, registering a growth of 12.01 per cent - again an unseen growth level in the corresponding periods over the past five years.
Such impressive growth levels are putting rest to the fears that GST could impair exports growth and the government has simplified the process for exporters to claim refunds under the Goods and Services Tax (GST). Historic data suggests that growth in exports was either insipid or had grown in single digits over the past five years.
Cumulative value of imports for the period April-November 2017-18 was USD 2, 96,459.17 million, registering a growth of 21.85 per cent. This has translated into the widening of the trade deficit from USD 67,930.6 million in April-November 2016 to USD 1, 00,011.8 million during April-November 2017.