Exports up by USD 103 billion: Baalu

Coimbatore, Jan 25 (UNI) Union Minister for Shipping, Road Transport and Highways T R Baalu today said India's total exports have increased by more than 103 billion USD and were about 70 billion USD, in the first seven months (April to October) of 2006-07.

Inaugurating the "Build Expo 2007" here, he said imports had gone up by a little more than 149 billion USD over the same period and were close to 100 billion USD in the first seven months of 2006-07.

He said the foreign exchange reserves increased to more than 161 billion USD from one billion USD during 1991.

He said the outward orientation of the Indian Economy also grew during the 1990's.

He said though there were pluses to the Indian Economy there were also weaknesses. Poverty is falling but not fast enough.

There is a need for growth process to raise the incomes of the poor to bring about a reduction in poverty.

Stating that construction activity was an integral part of a country's infrastructure and industrial landscape, he said the industry generates substantial employment and social infrastructure.

He said construction activity accounts for close to seven per cent share in India's GDP. This sector has emerged in India's Economy with a growth of more than ten per cent per annum over the last few years.

This sector employs over 30 million people, many of them women and migrants who are unskilled.

Mr Baalu said the planning commission has estimated that investment in infrastructure like road, rail, Air and Water Transport, Power, Tele communications, Water supply and Irrigation will need to be of the order of about Rs 14.5 lakh during the 11th plan period.

UNI