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click here to return to main page of Mid-term Review of Annual Policy for the year 2004-05
Highlights of Mid-term Review of Annual Policy for the year 2004-05
External Developments
Although global economic recovery is gaining strength, there is some increase in downside risk primarily on account of persistence of uptrend in global oil prices.
The exchange rate of the rupee depreciated vis-à-vis US dollar, Euro, Pound sterling and Japanese yen by October 21, 2004.
Foreign exchange reserves increased by US $ 7.6 billion from US $ 113.0 billion at end-March 2004 to US $ 120.6 billion as on October 21, 2004.
India’s exports during April-September 2004 increased by 24.4 per cent in US dollar terms, while imports rose faster by 34.3 per cent. The higher trade deficit reflects high oil imports bill as also the growth in overall import demand.
The current account remained in surplus consecutively over the past three years, the current account in the first quarter of 2004-05 also posting a surplus of US $ 1.9 billion.
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