NEW DELHI, February 23: Imports of capital goods as well as those for setting up projects goods fell sharply in April-November 1997 over the previous corresponding period, indicating a demand slump in industry and consequently a dip in the industrial growth.This, together with the decline in import of industrial raw materials such as non-ferrous metals, crude rubber, metalliferrous ores and metal scrap, pulled down the overall import in the above period to 6.57 per cent (in dollars), according to the latest commodity-wise analysis of imports compiled by the commerce ministry.
Total imports went up from $24,146.09 million to $25,732.77 million.The data shows that imports of project goods dropped by 37.94 per cent to $792.06 million from $1,276.31 million in April-November 1996. These goods have a weightage of 3.8 per cent in the index of industrial production.
Among the capital goods, imports of machine tools fell by 20.78 per cent from $327.29 million to $259.28 million, of transport equipment by 10.95per cent from $616.58 million to $549.07 million and of machinery other than electrical by 10.64 per cent from $2,438.79 million to $2,179.25 million.
The only item in the capital goods sector whose imports rose, was electrical machinery from $208.64 million to $242.31 million, an increase of 16.14 per cent.
Imports of non-ferrous metals declined by 10.79 per cent from $696.35 million to $621.21 million, of crude rubber by 9.03 per cent from $120.15 million to $109.30 million and of metalliferrous ores and metal scrap by 20.35 per cent from $553.34 million to $440.75 million.
However, imports of fertilisers and fertiliser raw materials increased by nearly 50 per cent from $600.04 million to $899.88 million.
Similar is the case of pearls, precious and semi-precious stones, whose imports rose from $1,687.06 million to $2,186.06 million, up by 29.58 per cent. The commerce ministry's commodity-wise analysis of exports reveal that exports of agriculture and allied products dropped by 13.22 per cent from$2,856.31 million to $2,478.68 million. A decline was also noticed in exports of leather and manufactures, electronic goods, processed minerals, ores and in minerals other than iron ore and mica, a negligible growth in exports of gems and jewellery exports. There was virtually no wheat exports.
Rice exports declined by 12.56 per cent from $513.55 million sugar and molasses by 72.23 per cent, from $223.101 million to $61.93 million, of processed foods from $359.18 million to $223.65 million and of castor oil from $115.17 million to $102.87 million. The data reveal that exports of processed minerals fell from $228.43 million to $216.62 million, of ores and minerals other than iron ore and mica by 29.95 per cent from $209.16 million to $147.35 million.
Exports of leather and leather manufactures, a thrust sector, dropped by 6.41 per cent from $1,081.23 million to $1,011.98 million. Exports of electronics goods dropped from $567.24 million to $530.54 per cent, a decline of 6.47 per cent.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
