India's trade deficit soared to $56.7 billion in fiscal 2006-07 that ended March 31, amid fears that a strong rupee would hit the country's exports further in coming months. The deficit stood at $3.8 billion in March, $4.7 billion in February and $5.8 billion in January. Exports in March grew 8.84 percent to $12.6 billion compared with $11.6 billion in the same month a year ago. Imports during the month rose 14.45 percent to $16.4 billion from $14.3 billion. Exports for the fiscal year were $124.6 billion, up 21 percent from $103.06 billion in 2005-06. Imports grew 26.45 percent to $181.37 billion compared to $143.4 billion. India has set a target of $160 billion in exports for fiscal 2007-08 and is aiming for exports of $200 billion in fiscal 2008-09.
