Agence France-PresseApril 18, 2013 06:16
India's exports contracted in the financial year which has just ended, despite a sharp decline in the value of the rupee and efforts to turn the country into a manufacturing hub, data showed Thursday.
Exports in the 2012/13 financial year fell by 1.76 percent on an annual basis to $300 billion, stretching the trade deficit to $190.91 billion.
"Despite the competitive advantage of a depreciation of our currency, our exports have not performed better," Commerce Secretary S.R. Rao lamented at a press conference called to announce the figures.