The government on Tuesday said the surge in imports during the first quarter of 2003-04 posed no concerns and the increase was mainly due to the rise in industrial production.
"Barring edible oils and petroleum products, imports of industrial products have gone up which was due to widespread industrial recovery and increase in industrial production," Union Commerce and Industry Minister Arun Jaitley told reporters in New Delhi on the sidelines of an interactive session on amendments to the Patent Act.
On the export growth of 11 per cent in the first quarter, he said the double digit growth was a very comfortable figure especially when seen against the target of 12 per cent.
"We are comfortable with the double-digit growth," he said.
India's exports surged by 11.06 per cent to $13.147 billion in the first quarter of this year as against $11.8 billion in the first quarter last fiscal with imports registering an over 27 per cent growth, widening the country's trade deficit.
