NEW DELHI, April 8: India’s exports surged 24 per cent to a record $80 billion for the year ended March, but a soaring oil import bill meant the country still ran a trade deficit, Trade Minister Kamal Nath said Friday. This growth is unprecedented in India’s economic history. If we can maintain the momentum I am confident that India will cross $150 billion in exports by 2007, Nath said. He said India could not only boost its less than one per cent share of world trade, but could also add as many as 10 million jobs over the next four years if it achieved the target.

India revised its export target for the current financial year started April 1, upwards to 92 billion dollars from 88 billion dollars in view of the “unprecedented achievement,” Nath said.

Imports during the last financial year grew 34 per cent to 105 billion dollars — exceeding export earnings by $25 billion — primarily because of a higher oil import bill as fuel prices rose to record levels in the past year.

If oil imports were not counted, then our exports exceeded our imports by almost four billion dollars, Nath said.

India imports more than 70 per cent of its oil needs with demand growing as its economy expands.

Nath said he was not worried by the rising oil bill, noting the country’s foreign currency reserves had swelled to a record $140 billion.—AFP